according to Coinglass data, the Coinbase Bitcoin premium index has been in negative premium for 39 consecutive days, currently at -0.0405%, exceeding the approximately 30 consecutive days of negative premium during the "1011 crash." Since 2026, the index has recorded positive premiums on only 2 trading days.

The Coinbase Bitcoin premium index is used to measure the difference between the Bitcoin price on Coinbase and the global market average price. A negative premium usually reflects greater selling pressure in the US market, a decline in investor risk appetite, increased market risk aversion sentiment, or capital outflows.