Bitcoin discount for Americans reaches 50 days
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- Bitcoin (CRYPTO) has traded at a lower price in the U.S. for 50 straight days.
- The record streak points to weaker demand from U.S. investors than overseas buyers.
- Analysts say global demand has continued to support Bitcoin despite softer U.S. buying.
Bitcoin (CRYPTO) has traded at a discount on Coinbase for 50 consecutive days, marking the longest negative streak on record and signalling weaker demand from U.S. investors.
The Coinbase Premium Index compares Bitcoin prices on Coinbase with global exchanges, and a negative reading means U.S. buyers are paying less than investors elsewhere.
The streak reached 50 days on 7 July, surpassing the previous record of 40 consecutive negative days set earlier this year.
The data suggests overseas investors have provided most of Bitcoin's buying support while U.S. demand has remained weak, and Bitcoin is not linked to a listed company so no share price applies.
Analysts also pointed to roughly US$6 billion in net outflows from U.S. spot Bitcoin exchange-traded funds this year as another sign of softer domestic demand.
Despite weaker U.S. buying, Bitcoin has continued to find support from investors outside the United States, showing that global demand has remained stronger than domestic demand.
At the time of reporting, Bitcoin price was $64,721.22.
