The Coinbase Bitcoin Premium Index has been in negative territory for 33 consecutive days, marking its longest losing streak since May 2023.

PANews reported on February 17th that, according to Coinglass data, the Coinbase Bitcoin Premium Index has been in negative territory for 33 consecutive days, currently at -0.0477%, marking the longest consecutive negative period since May 2023. This surpasses the approximately 30 consecutive days of negative premiums during the "10/11 crash." The Coinbase Bitcoin Premium Index measures the difference between the price of Bitcoin on Coinbase (a major US trading platform) and the average price in the global market. A negative premium typically reflects significant selling pressure in the US market, decreased investor risk appetite, increased market risk aversion, or capital outflows.