Coinbase Bitcoin Negative Premium Hits 90-Day Record

The record length matters more than the depth of the discount: a persistent Coinbase gap points to US-origin supply being absorbed rather than a single liquidation event. That distinction shapes how the desk reads spot flows, since a structural US bid step-down is a different regime than a one-off shock. Whether the premium normalizes or keeps extending is the open question, and it is the cleanest read available on US participation.