Coinbase Bitcoin Premium Index Records Negative Value for 6 Consecutive Days

BlockBeats News, May 21st, according to Coinglass data, Coinbase's Bitcoin premium index has been in a negative premium for 6 consecutive days, currently at -0.0919%. The outflows from the Bitcoin spot ETF highlight the weakening buying power in the U.S. market.

The Coinbase Bitcoin premium index is used to measure the difference between the Bitcoin price on Coinbase and the global market average price. A negative premium usually indicates a larger selling pressure in the U.S. market, a decrease in investor risk appetite, a rise in market hedging sentiment, or capital outflows.