Coinbase Bitcoin Negative Premium Hits Record 95 Days

A record-length Coinbase discount suggests the US venue is where supply is being absorbed, not where demand is setting the tone — a shift in the geographic balance of bitcoin trading that matters for anyone reading US price signals as the reference. The persistence, rather than the size, is the notable part: a 95-day streak implies a structural flow or positioning gap, not a one-off dislocation. Whether that gap narrows or becomes the new normal is the open question, and it is worth watching whether the premium structure in other regions adjusts to match.