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📊 Coinbase Premium has stayed negative for 90 straight days—but Bitcoin ETFs kept buying in July. 🔹 The Coinbase Premium has remained below zero since May 6, marking its longest negative streak in the past year. 💡 However, the data tells a more nuanced story: ✅ After adjusting for USDT's slight discount, nearly half of those days turn positive, with 20 out of 31 days in July showing a positive adjusted premium. 📈 At the same time, spot Bitcoin ETFs resumed net buying in July, led by IBIT, despite the raw premium never turning positive. ⚠️ The takeaway: A negative Coinbase Premium doesn't necessarily mean weak U.S. demand. Part of the signal appears to be driven by USDT pricing, while ETF flows suggest institutional interest remains intact. #Bitcoin #BTC #Coinbase #ETF #IBIT #USDT #OnChain #CryptoNews