According to CoinMeta, the Coinbase Bitcoin premium index has been in a negative premium range for 75 consecutive days (since May 19th), with the latest value being -0.0959%. Previously, the index was in a negative premium for 40 consecutive days from January 16th to February 24th of this year, setting a new record for the longest consecutive negative premium period since its inception, exceeding the approximately 30-day consecutive negative premium period during the “1011 crash.” This index is used to measure the difference between the Bitcoin price on Coinbase and the global market average price. A negative premium usually indicates greater selling pressure in the US market, a decline in investors' risk appetite, an increase in market risk aversion, or capital outflows.