The Coinbase premium, a metric comparing Bitcoin's price on the US-based exchange against global venues, has remained negative for a record 60 consecutive days, signaling persistently weak demand from American investors. Bitcoin fell toward $63,000 amid the trend, with the move coinciding with a broader sell-off in chip stocks that weighed on risk assets. Thin inflows into US spot Bitcoin exchange-traded funds have added to the muted sentiment, offering little support for prices. A negative Coinbase premium typically reflects softer buying pressure from US traders relative to their international counterparts, and its extended duration underscores the current lack of domestic conviction. Combined with sluggish ETF activity and pressure from equities, the conditions point to a cautious market environment for Bitcoin as it tests lower price levels.
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