PANews reported on February 20 that, according to Coinglass data, the Coinbase Bitcoin premium index has been in negative premium for 36 consecutive days, currently at -0.0467%. This surpasses the approximately 30 consecutive days of negative premium during the "1011 crash" and is the longest "negative" streak since May 2023.

The Coinbase Bitcoin Premium Index measures the difference between the price of Bitcoin on Coinbase and the average price in the global market. A negative premium usually reflects strong selling pressure in the US market, decreased investor risk appetite, increased market risk aversion, or capital outflow.