BlockBeats News, May 23rd, according to Coinglass data, Coinbase's Bitcoin Premium Index has been in a negative premium for 8 consecutive days, currently at -0.1197%. The outflow of Bitcoin spot ETF continues, and the purchasing power in the U.S. market is weak.

The Coinbase Bitcoin Premium Index is used to measure the difference between the Bitcoin price on Coinbase and the global market average price. A negative premium usually indicates significant selling pressure in the U.S. market, a decrease in investor risk appetite, a rise in market hedging sentiment, or capital outflows.