Coinbase's Bitcoin Premium Index has remained in negative territory for three consecutive days, currently at -0.0837%, according to Coinglass data on January 9. Over the past 26 days, the index has shown a negative premium on 25 occasions. This index measures the price difference between Bitcoin on Coinbase and the global market average, serving as a key indicator of U.S. market capital flows and investor sentiment. A negative premium suggests lower demand in the U.S. market, increased selling pressure, and potential capital outflows.