Coinbase Bitcoin Discount to Binance Hits Record 97 Days
Summary
- Coinbase's Bitcoin price has remained in a reverse premium state, trading below Binance, for 97 straight days since May 19.
- The Coinbase Bitcoin Premium Index stayed in negative territory for 97 consecutive days, the longest streak since the index was introduced.
- Coinbase is an exchange used mainly by U.S. investors, and a persistent reverse premium may signal weak buying interest or stronger selling pressure in the U.S. market.
Forecast Trend Report by Period
Coinbase, the U.S. cryptocurrency exchange, has seen Bitcoin trade below Binance for 97 straight days in a record reverse-premium streak.
Odaily reported on Aug. 23 that the Coinbase Bitcoin Premium Index remained in negative territory for 97 consecutive days from May 19 through Aug. 23, the longest stretch since the index was introduced.
The previous record was 40 days, from Jan. 16 to Feb. 24 this year. The current streak also far surpasses the roughly 30-day reverse premium recorded during last October's mass liquidation event.
The Coinbase Premium Index tracks the difference in Bitcoin prices between Coinbase and Binance. A positive reading means Bitcoin is priced higher on Coinbase, while a negative reading means it is priced higher on Binance.
Because Coinbase is used mainly by U.S. investors, a prolonged reverse premium may indicate weak buying interest in the U.S. market or stronger selling pressure.
