The Coinbase Premium Index, which measures the gap between Bitcoin’s price on Coinbase and global platforms like Binance, has been negative for seven consecutive days, posting -0.0205% in mid-September, its worst sustained reading since briefly turning positive on August 24. Bitcoin was trading around $75,600 to $75,800 during this period, a level that failed to lure American buyers back into the market. This trend follows a 97-day stretch of negative readings between May and August, before the brief summer reprieve. Coinbase, as the primary on-ramp for US institutions and custodian for most US spot Bitcoin ETFs, reflects the behavior of larger, regulated market participants, whose withdrawal may be driving selling pressure below the global average.
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