Coinbase Faces Negative Premium for 40 Days as Global Market Surges

Coinbase, one of the leading cryptocurrency exchanges in the US, has been facing a prolonged period of negative Bitcoin Premium Index readings. This streak, which has lasted for 40 days, is a significant departure from the usual trend and suggests that US investors are not participating in the current market upturn. The lack of positive premium on Coinbase's order books implies that the buying momentum is not originating from its core institutional base, pointing to a potential structural change in market dynamics.