US Bitcoin Demand Shows No Recovery as Coinbase Premium Stays Negative for 38th Straight Day
Bloomingbit Newsroom
Summary
- Buying demand for Bitcoin in the US market continues to show little sign of recovery.
- The Coinbase Bitcoin Premium Index stood at -0.2434%, remaining negative for 38 consecutive days.
- A negative reading means Bitcoin is trading at a relative discount on Coinbase, signaling weaker buying demand or selling pressure in the US market.
Forecast Trend Report by Period
Buying demand for Bitcoin in the US market continues to show little sign of recovery.
The Coinbase Bitcoin Premium Index stood at -0.2434% on October 31, according to Odaily. The index has remained in negative territory for 38 consecutive days.
The Coinbase Premium Index measures the gap in Bitcoin prices between US-based exchange Coinbase and global exchange Binance. A negative reading means Bitcoin is trading at a relative discount on Coinbase, signaling weaker buying demand in the US market or selling pressure.
The index had briefly turned positive at 0.0052% on August 24, snapping a 97-day stretch in negative territory.
Bloomingbit Newsroom
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