BTC Drops Back to $62K, Coinbase Premium Hits Record Lows, and the EU is Eyeing Even Tighter Crypto Regulation
In crypto news today (July 8), Bitcoin has experienced a slight retracement, still sitting comfortably above $60,000, but down -1.1% over the past 24-hours and trading for around $62,600. Liquidations have slowed since yesterday, dropping from over $532M to $345M, with over $240M of that figure coming from long positions, highlighting that overly optimistic bulls have been punished by this pullback.
Yesterday saw a second consecutive day of positive ETF flows for Bitcoin, a metric that is helping the market in its recent rally. Over $265M in BTC was bought via ETFs yesterday, with over $200M of that coming from BlackRock’s IBIT after it sold nearly $10Bn over the past ten sessions.
While the majority of tokens experienced a slight retracement overnight, Zcash (ZEC) and Monero (XMR) are two of the more notable projects in the green today, with privacy-focused projects defying the odds, up +5.5% and +2%, respectively.
The Fear & Greed Index briefly exited ‘Extreme Fear’ yesterday, climbing to 27/100; however, this slight drop across markets has led to a return to 20/100. Until Bitcoin breaks cleanly above $65,000, the index will likely continue to flip-flop around these levels.
Crypto News Today: Coinbase Bitcoin Premium Records Longest Negative Streak at 50 Days
The Coinbase Bitcoin Premium Index has remained below zero for 50 consecutive days, marking the longest negative streak since the metric was introduced. According to analysts, the trend may signal continued selling pressure from US institutional investors.
According to CoinGlass, the index has remained in negative territory since May 19, 2026. Its latest reading stands at -0.0742%. The metric measures the difference between Bitcoin’s price on Coinbase and its average price across global markets.
Because Coinbase is widely regarded as one of the primary trading venues for US institutional investors, a negative reading typically indicates stronger selling pressure in the United States than in other regions.
Since early May, the index has moved above zero only once. The previous record was a 40-day negative streak that lasted from Jan. 16 to February 24, 2026.
Analysts noted that the prolonged weakness in the Coinbase Bitcoin Premium Index has coincided with persistent outflows from US spot Bitcoin ETFs.
According to Galaxy Digital Head of Research Alex Thorn, net outflows from those funds have reached approximately $6 billion since the beginning of the year.
Thorn added that total assets held by US spot Bitcoin ETFs have fallen to about $74.4Bn, down from more than $150Bn at their peak. June was one of the weakest months on record for ETF flows, according to the data.
