Bitcoin Slides Below $63K as Coinbase Premium Turns Negative for Record 60 Days

According to The Block reporting, Bitcoin fell below $63,000 on Friday (July 16) as the Coinbase Premium Index remained negative for a record 60 consecutive days, with the latest reading at -0.1025%. The prior negative streak lasted 40 days from January 16 to February 24, and prolonged negative premiums have historically signaled weaker U.S. institutional demand, according to Coinglass data.

The decline extended weakness across semiconductor stocks, pulling broader crypto markets into a wider risk-off move. The Nasdaq 100 closed about 1.6% lower, with spillover reaching crypto equities as MSTR fell 3.5% and STRC fell 2.7%. Spot Bitcoin ETFs recorded net inflows of $79.15 million on July 16, led by BlackRock's IBIT with $33.44 million, while spot Ether ETFs posted net outflows of $28.04 million, according to SoSoValue.