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• Since May 19, the Coinbase Premium Index for Bitcoin has been negative for 76 straight days, the longest streak ever.
• Spot Bitcoin ETFs joined the trend with $265.4 million in daily outflows and $61.5 million in weekly outflows.
• Institutional capital appears to be shifting toward tokenized TradFi perpetual futures, with crypto exchanges processing $1.32 trillion in stock, index, and commodity perpetuals in the first five months of 2026.

The Coinbase Bitcoin Premium Index has been in negative territory for 76 consecutive days since May 19, with the latest reading at -0.1012%, breaking its own record for the longest negative streak since the index’s inception, Coinglass data shows.

Historically, the index has been a barometer of US institutional demand, tracking the difference between the price of Bitcoin (BTC) on Coinbase (COIN) and the global average. A negative reading indicates that Bitcoin was trading at a discount on Coinbase compared to other major exchanges, suggesting that US investors were not purchasing as much.

The current streak was nearly double the previous record of 40 consecutive negative days set between January 16 and February 24 of this year, which itself had surpassed the roughly 30-day stretch during the October 2024 market crash.

Bitcoin's price was trading up about 0.01% in the last 24 hours. On Stocktwits, retail sentiment around Bitcoin remained in the 'bearish' zone, while chatter shifted to ‘normal’ to ‘low’ levels over the past day.

ETF Flows Confirm The Trend

The weakness in US institutional demand lined up with softening flows into spot crypto exchange-traded funds (ETFs). 

The US spot Bitcoin ETFs saw net outflows of $265.37 million on Friday, and $61.53 million for the week, with BlackRock's IBIT, Fidelity's FBTC, and Grayscale's GBTC all recording single-day outflows, according to SoSoValue data. Total net assets across Bitcoin spot ETFs stood at $76.29 billion.

Ethereum spot ETFs told a slightly different story, drawing a modest net inflow of $9.03 million on the day and $27.42 million for the week, with cumulative inflows reaching $11.21 billion and total net assets at $10.23 billion.

Capital Shifts To TradFi Perps

While institutional demand for Bitcoin through traditional wrappers has weakened, crypto exchanges are seeing explosive growth in a different product: perpetual futures tied to traditional financial assets.

Crypto exchanges processed $1.32 trillion in perpetual futures tied to stocks, indices, and commodities in the first five months of 2026, more than 12 times the $104.21 billion for all of 2025, according to a CoinGecko report. 

CoinDesk described the trend as a "reverse bridge,” where Wall Street once entered crypto through ETFs and custody, crypto exchanges are now bringing stocks, commodities, and indices into their on-chain trading systems. Bitget CEO Gracy Chen said stock perpetuals went from zero to 28% of the exchange's total trading volume in a single year.

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