NEW YORK — The price gap between Bitcoin on Coinbase and the broader global market remained below zero for a tenth consecutive session on Friday, according to data compiled by the analytics firm CryptoQuant. The so-called Coinbase Bitcoin Premium Index settled at –0.0857% in early U.S. trading, marking its longest negative streak since January.
The index compares the price of one bitcoin on Coinbase against a composite average drawn from other major exchanges. When the figure is positive, it is typically read as evidence of stronger U.S. spot demand, because Coinbase still caters disproportionately to dollar-based retail and institutional buyers. A negative print implies the opposite. “Sustained discounts suggest stateside flows have cooled at the margin, even as ETF inflows remain net positive,” CryptoQuant senior analyst Julio Moreno said in a note to clients.
Bitcoin changed hands near $69,800 at 14:30 UTC, little moved on the day but roughly 5% below the all-time high notched two weeks ago. The flagship cryptocurrency has been range-bound since the Federal Reserve signaled patience on rate cuts at its March policy meeting, a stance some traders say is weighing on risk appetite. “Macro uncertainty is keeping new buyers on the sidelines,” said Stephane Ouellette, chief executive of FRNT Financial, a Toronto-based digital-asset broker.
While a sub-one-percent discount may appear marginal, past episodes have coincided with slower U.S. inflows. The last comparable run of negative prints, in late January, preceded a two-week lull that saw bitcoin slide 12%. Still, several analysts cautioned against reading too much into a single metric. “The premium index is a valuable sentiment gauge, but it can be skewed by temporary order-book imbalances,” warned Clara Medalie, research director at Kaiko.
Looking ahead, traders will watch next week’s U.S. inflation data and first-quarter earnings from publicly listed crypto firms for fresh cues. Any uptick in Coinbase-based buying could flip the premium positive, signaling renewed domestic interest ahead of the bitcoin halving now less than a month away.