The persistent discount suggests US spot buyers have remained less aggressive than overseas traders even as US Bitcoin ETF inflows turned positive in July.
Bitcoin fell under $63,000 on Monday as the Coinbase Premium Index, a proxy for US institutional demand for Bitcoin, reached its 77th day in the red.&
Bitcoin has traded at a persistent discount on Coinbase relative to international exchanges since May 19, with the latest premium rate at -0.1369%, according to Coinglass. As of Monday, the premium has continued its longest negative streak in history.&
10x Research head Markus Thielen said the negative premium indicates that US institutional investors are still liquidating Bitcoin.
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