Bitcoin fell under $63,000 on Monday as the Coinbase Premium Index, a proxy for US institutional demand for Bitcoin, reached its 77th day in the red.
Bitcoin has traded at a persistent discount on Coinbase relative to international exchanges since May 19, with the latest premium rate at -0.1369%, according to Coinglass. As of Monday, the premium has continued its longest negative streak in history.
10x Research head Markus Thielen said the negative premium indicates that US institutional investors are still liquidating Bitcoin.
“The persistent discount of Coinbase prices relative to global exchanges suggests selling pressure from US-based institutions continues to outweigh buying demand,” he told Cointelegraph.
Coinbase Bitcoin Premium Index from Apr. 26 to Aug. 3. Source: Coinglass
Related: Bitcoin ETF inflows return as Ether funds slip into outflows
The prolonged discount has continued despite US Bitcoin ETF net inflows returning to monthly net inflows in July. The funds attracted $172.43 million during the month, according to Sosovalue, reversing June’s heavy outflows.
The prior longest negative streak also came this year, lasting for 40 days from Jan. 16 to Feb. 24 when Bitcoin slid under $65,000 from $95,000.