Coinbase's Bitcoin premium index has remained negative for 36 consecutive days, currently standing at -0.0467%, according to Coinglass data. This marks the longest period of negative premium since May 2023, surpassing the previous record of approximately 30 days during the "1011 crash." The index measures the price difference between Bitcoin on Coinbase and the global market average, with a negative premium indicating strong selling pressure in the US market and potential capital outflows.