Coinbase's Bitcoin premium index has remained negative for 39 consecutive days, currently at -0.0405%, according to Coinglass data. This streak surpasses the previous record of approximately 30 days of negative premium during the "1011 crash." Since the start of 2026, the index has shown a positive premium on only two trading days. The Coinbase Bitcoin Premium Index measures the price difference between Bitcoin on Coinbase and the global market average. A negative premium indicates stronger selling pressure in the U.S. market, suggesting a decline in investor risk appetite and a rise in risk-off sentiment or capital outflows.