The Coinbase Bitcoin Premium Index, closely monitored by cryptocurrency enthusiasts and investors, has experienced a significant downturn that continued for 40 consecutive days, marking the longest streak of negative readings since early 2023. According to data from Coinglass, the index now sits at -0.0467%, a slight improvement from its earlier reading of -0.22% but insufficient to reach positive territory.
The index is designed to reflect the price gap between Bitcoin traded on Coinbase and the broader global market average. Given Coinbase’s prominent role as a barometer for U.S. institutional and dollar-denominated investments, a consistent negative premium indicates that American investors are often paying less for Bitcoin compared to their international counterparts. This trend could suggest either a higher volume of selling among U.S. investors or a lack of market participation.
The previous record for a prolonged negative premium was noted during a downturn in October 2025, which lasted approximately 30 days. At that point, a significant price bounce prompted U.S. buyers to re-enter the market. In contrast, the current situation appears different. Although Bitcoin experienced a recovery of nearly 15% from its lowest point on February 5, the premium has remained in negative territory, indicating that the nature of investor demand has shifted.
This suggests that while Bitcoin’s price has rebounded, the sources of that demand are not predominantly from U.S. investors, as much of the buying activity likely occurred outside of U.S. trading hours or outside of Coinbase’s platforms.
Encouragingly, the premium has shown signs of gradual improvement since early February, inching up from -0.22% towards -0.05%. While this may hint at a slow recovery, the premium needs to shift back into positive territory to indicate a more sustained accumulation phase rather than just a temporary rally.
Interestingly, data reveals that Google searches for “bitcoin zero” surged to record levels in the U.S. earlier this month, despite global search interest remaining stable. This disparity suggests that American investors may be increasingly losing confidence in the cryptocurrency market at a rate not reflected in other regions. The combination of these developments paints a complex picture of the current state of Bitcoin investment, particularly among U.S. participants.
