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- Coinbase’s bitcoin price traded below Binance in a reverse premium for 97 straight days starting May 19.
- The Coinbase Bitcoin Premium Index set a record since the gauge was introduced, far surpassing the previous 40-day streak and the roughly 30-day run seen last October.
- Because Coinbase is used mainly by US investors, a prolonged reverse premium may signal weak buying demand in the US market or stronger selling pressure.
Forecast Trend Report by Period
Coinbase’s bitcoin price has traded below Binance for 97 straight days, extending a so-called reverse premium to a record streak.
Odaily reported on Aug. 23 that the Coinbase Bitcoin Premium Index stayed in negative territory for 97 consecutive days from May 19 through Aug. 23, the longest run since the gauge was introduced.
The previous record lasted 40 days from Jan. 16 to Feb. 24. The current streak also far exceeds the roughly 30-day reverse premium recorded during last October’s mass liquidation event.
The Coinbase Premium Index tracks the price difference in bitcoin between Coinbase and Binance. A positive reading means bitcoin trades higher on Coinbase, while a negative reading means the price is higher on Binance.
Because Coinbase is used mainly by US investors, a prolonged reverse premium may signal weak buying demand in the US market or stronger selling pressure.
Source: en.bloomingbit.io