The Coinbase Bitcoin Premium Index has recorded a negative premium for seven consecutive days, standing at -0.044% as of December 21, 2025, according to Coinglass. This index measures the difference between Bitcoin's price on Coinbase and the global average. A negative premium typically indicates stronger selling pressure in the U.S. market, suggesting a lower risk appetite and potential capital outflows. Bitcoin's price continues to face downward pressure, with market sentiment remaining cautious. The ongoing negative premium reflects broader concerns, as indicated by the fear and greed index, which shows a prevailing cautious sentiment among investors.