On Monday, Bitcoin's price dipped below the $63,000 mark, coinciding with the Coinbase Premium Index extending its negative run to a 77th consecutive day. This index serves as a key proxy for demand for Bitcoin among institutional investors in the United States.

A Record Period of Discounted Prices

Since May 19, the cryptocurrency has consistently traded at a lower price on the U.S.-based Coinbase exchange compared to international platforms, establishing the longest negative streak in the index's history. According to data from Coinglass, the most recent premium rate was recorded at -0.1369%.

This persistent discount suggests that buyers in the U.S. spot market have been less aggressive than their overseas counterparts.

Markus Thielen, the head of 10x Research, stated that this negative premium indicates an ongoing liquidation of Bitcoin by U.S. institutional investors. In a comment to Cointelegraph, he elaborated on this point.

“The persistent discount of Coinbase prices relative to global exchanges suggests selling pressure from US-based institutions continues to outweigh buying demand,” Thielen said.

Contradictory Market Signals

Interestingly, this prolonged period of discounted prices has continued even as U.S. Bitcoin exchange-traded funds (ETFs) experienced a return to net positive inflows throughout July. Data from Sosovalue indicates that these funds attracted $172.43 million for the month, representing a significant reversal from the heavy outflows that characterized June.

Historical Context

The previous record for the longest negative streak also occurred this year. That streak lasted for 40 days, running from January 16 to February 24. During that period, Bitcoin's price slid from $95,000 to below $65,000.