Bitcoin Hits $62K as Coinbase Premium Faces Rare Slump

Bitcoin is showing strength by crossing the $62,000 mark. Despite this positive price action, a key metric known as the Coinbase Premium has hit a 77 day negative streak. This gap measures the price difference between Bitcoin on Coinbase and global exchanges, and its current state suggests that selling pressure is higher on American platforms than elsewhere.

This trend is interesting because it contradicts recent activity in the spot ETF market. While institutional inflows into US Bitcoin ETFs turned positive throughout July, retail buyers on the platform seem less eager to scoop up coins compared to their international counterparts. It shows that global demand is currently the primary driver pushing prices upward.

Traders will want to watch this spread closely in the coming days. If the premium turns positive, it could signal that American buyers are finally joining the rally with renewed confidence. For now, the market remains dependent on overseas momentum to maintain these higher levels.