Bitcoin's U.S. Demand Gauge Stays Negative for Record 40 Days

The Coinbase Bitcoin Premium Index compares Bitcoin prices on Coinbase with those on other exchanges and is widely viewed as a gauge of U.S. investor demand. A reading below zero indicates weaker buying in the United States than overseas. Even when Bitcoin rebounds, the source of capital remains an important indicator of whether the rally can last.

The latest data show the Coinbase Bitcoin Premium Index has remained below zero for 40 consecutive days, its longest negative stretch on record. Although Bitcoin recently climbed back above $62,000, most of the gains occurred outside U.S. trading hours. That suggests U.S. investors remain on the sidelines and have yet to show significant momentum buying.