Bitcoin hits $62K while Coinbase premium hits 77-day negative streak

The persistent discount suggests US spot buyers have remained less aggressive than overseas traders even as US Bitcoin ETF inflows turned positive in July.

Bitcoin fell under $63,000 on Monday as the Coinbase Premium Index, a proxy for US institutional demand for Bitcoin, reached its 77th day in the red. 

Bitcoin has traded at a persistent discount on Coinbase relative to international exchanges since May 19, with the latest premium rate at -0.1369%, according to Coinglass. As of Monday, the premium has continued its longest negative streak in history. 

10x Research head Markus Thielen said the negative premium indicates that US institutional investors are still liquidating Bitcoin.

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