Bitcoin Reaches $62K Amidst 77-Day Coinbase Premium Negative Streak
Vexoda Newsroom
Bitcoin hit a high of $62,809.03 while the Coinbase premium index reached its longest negative streak in history at 77 days, signaling reduced US institutional demand despite ETF inflows turning posit
On August 3rd, Bitcoin surged to an intraday peak of $62,809.03 before falling below $63,000 on Monday. This rise came amidst a significant trend: the Coinbase Premium Index experienced its longest negative streak since May 19th, reaching 77 days as of August 3rd.
The Coinbase premium index measures the difference in price between Bitcoin traded on US exchanges like Coinbase and international markets. A negative value indicates that US prices are lower than global rates, suggesting a persistent discount on domestic trading platforms.
This prolonged discount has persisted despite positive ETF inflows into the United States in July 2026. According to Sosovalue data, $172.43 million flowed into Bitcoin ETFs last month, reversing June’s outflows but not enough to eliminate the negative premium trend.
Markus Thielen of 10x Research explained that this discount reflects ongoing selling pressure from US-based institutions: “The persistent discount suggests that US institutional investors are still liquidating their Bitcoin positions,” he stated. This view aligns with historical data, where previous long-term discounts have often preceded periods of market consolidation or correction.
Traders should watch for signs of increased buying interest in the U.S., which could potentially reverse the negative premium trend and signal a shift back to bullish sentiment among institutional players. The broader implications suggest that while short-term volatility remains high, medium-term trends may be influenced by how US institutions continue to engage with Bitcoin.
Going forward, traders should monitor ETF inflows and outflows as well as global trading volumes on platforms like Coinbase for further insights into market dynamics.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.