According to Coinglass data, the Coinbase Bitcoin Premium Index has been in a negative premium state for 40 consecutive days, currently at -0.0467%, setting a new record for the longest consecutive negative period since the index was launched, exceeding the approximately 30 consecutive days of negative premiums during the "October 11th crash". The Coinbase Bitcoin Premium Index measures the difference between the price of Bitcoin on Coinbase (a major US trading platform) and the average price in the global market. A negative premium typically reflects significant selling pressure in the US market, decreased investor risk appetite, increased market risk aversion, or capital outflows.