First Positive Premium Signal Since May 19th Reproduced! Coinbase Bitcoin Premium Index Ends Slump as Institutional Selling Pressure Eases

BlockBeats News, August 24th, according to Coinglass data, the Coinbase Bitcoin Premium Index has reappeared a positive signal for the first time since May 19th, with a value of 0.0052%, ending the historical longest negative premium period until August 23rd, which lasted for 97 consecutive days. Although these positive values are still sporadic at the moment, they have indicated that the selling pressure from institutions has eased, undoubtedly helping the market to continue its upward momentum. The next step is to wait for institutions to truly re-enter and generate substantial demand.

Previously, the longest negative premium record was for 40 consecutive days from January 16th to February 24th this year, and the second longest was during last year's "10/11 Crash" period, which lasted for about 30 consecutive days.

The Coinbase Bitcoin Premium Index is used to measure the Bitcoin price difference between Coinbase Pro and Binance. A continuously negative index usually means that the Coinbase price is relatively lower, which may reflect a weak buying interest in the U.S. market or strong selling pressure. However, it is not appropriate to solely conclude that institutional funds are flowing out based on this index.