The Coinbase Bitcoin Premium Index extends its negative streak to 78 consecutive days on Tuesday, the longest on record. This reading comes amid the ongoing bearish trend, which has seen Bitcoin (BTC) drop by almost 50% from its record high to trade around $64,000.

Coinbase Bitcoin Premium Index extends bearish streak

According to CoinGlass, the Coinbase Bitcoin Premium Index has remained in negative territory for 78 straight days, the longest downtrend ever recorded, with the latest figure at -0.1145%.

This index tracks the price differential of BTC between Coinbase and other major exchanges, serving as a key gauge for US market appetite.

Prolonged negative values signal that Bitcoin continues to trade at a discount on Coinbase, suggesting…