Bitcoin hits $62K while Coinbase premium hits 77-day negative streak
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 has reached a new all-time high of $62,000, while the Coinbase premium has hit a 77-day negative streak, according to Cointelegraph. The Coinbase Premium Index, which serves as a proxy for US institutional demand for Bitcoin, has been in the red for 77 days, indicating that US-based institutions are still liquidating Bitcoin despite the recent positive inflows into US Bitcoin ETFs.
The persistent discount on Coinbase relative to international exchanges suggests that US institutional investors are outweighing buying demand, according to 10x Research head Markus Thielen.
Brief written by urgent.news from Cointelegraph's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
