Negative premium -0.16% may not seem significant, but with ETF outflows stacking for six consecutive days, it indicates that North American institutional risk appetite is indeed cooling down, and the risk-averse narrative has resurfaced.

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MarsBitNews
Coinbase Bitcoin Premium Index records negative values for 13 consecutive days, indicating weak purchasing power in the U.S. market
Mars Finance News: on May 27, according to Coinglass data, Coinbase’s Bitcoin premium index has been in negative premium for 6 consecutive days, currently at -0.1644%. Multi-day outflows from Bitcoin spot ETFs show that buying power in the U.S. market is weak. Coinbase’s Bitcoin premium index is used to measure the difference between the Bitcoin price on Coinbase and the average price in the global market. A negative premium typically reflects heavier sell pressure in the U.S. market, a decline in investors’ risk appetite, a rise in market risk-aversion sentiment, or capital outflows.
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