Coinbase premium gap sinks to -$64 as Bitcoin trades at a US discount

Coinbase

A negative streak of more than 77 days points to persistent selling pressure or weak demand from American investors

by Vivian Nguyen

Wed 7 Oct 2026 · 15:00 EDT 3 min read

In Finance

Coinbase Global, Inc. (COIN) price

Full chart and stats

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Last close: $161
Close-to-close change: +0.9%
Market cap: $42.5B (shares as of 2026-06-30)
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth: +9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: 1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: 20.0% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 27, 2026 · tokenized COINx	$161	$42.5B	Not meaningfulLoss, diluted EPS −3.79 to 2026-06-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 27, 2026 · tokenized MSTRx	$141	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 27, 2026 · tokenized CRCLx	$82	Unavailable	16.3	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 27, 2026 · tokenized BMNRx	$22	$13.0B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 8:36 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Bitcoin is cheaper on Coinbase than on Binance right now, and the gap is wide enough to notice. The Coinbase premium gap has fallen to -$64, a reading that signals strong selling pressure from US investors.

A one-day dip would be easy to shrug off. This one is part of a negative run lasting more than 77 consecutive days, the longest negative phase on record.

What the -$64 reading actually means

The Coinbase premium gap, also called the Coinbase Premium Index, measures the price difference between Bitcoin on Coinbase and Bitcoin on global venues such as Binance.

A positive number means American buyers are paying up. A negative number means Bitcoin is trading at a discount on Coinbase, the platform most closely tied to US retail and institutional flows.

As of October 6-7, 2026, the percentage premium sat somewhere between -0.01% and -0.1369%. In dollar terms, the gap came to approximately -$64.

That happened with Bitcoin trading around $62,000 to $63,000.

A record streak with deeper lows behind it

The duration is the headline here, more than the size. More than 77 consecutive days in negative territory marks the longest such phase on record.

The current -$64 reading is not the most extreme the metric has seen. Historical readings have swung anywhere from -$17 to as much as -$170.

The sharpest dips landed in late 2025 and early 2026, when the gap fell into the -$150 to -$170 range. The recent low was roughly -$167.8.

Analysts at CryptoQuant and 10x Research read the prolonged negative trend as a sign of US institutional selling pressure. Their interpretation covers two possibilities: American institutions liquidating Bitcoin positions, or simply buying less of it.

The ETF backdrop

This comes after a year in which spot ETF flow data showed mixed recovery trends earlier on. Those funds are one of the main channels for US institutional exposure to Bitcoin.

What this means for traders and investors

For traders, the gap offers a few concrete things to monitor:

The direction of the gap. A move from -$64 back toward zero would suggest US selling pressure is fading. A slide toward the -$150 to -$170 range seen in late 2025 and early 2026 would signal the opposite.

The streak length. The run has already passed 77 days. Every additional day extends a record that analysts are reading as a sign of institutional caution.

ETF flows. Given the mixed recovery trends earlier in the year, a clear turn in fund flows could be one of the first signs that US demand is returning. The premium gap and ETF data tend to tell overlapping stories, so a shift in one is worth checking against the other.

Price levels. With Bitcoin trading around $62,000 to $63,000, traders will be watching whether that zone holds while the US discount persists.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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