Bitcoin Has Traded at a Discount on Coinbase for 61 Straight Days. Have U.S. Investors Stopped Buying BTC?
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BizTocBitcoin Has Traded at a Discount on Coinbase for 61 Straight Days. Have U.S. Investors Stopped Buying BTC?
Coinbase's price gap has flashed a warning sign for two months, yet past streaks like this ended only after Bitcoin had already bounced. What does the signal really measure, and what is it missing about American buyers?
Bitcoin’s 64-Day Coinbase Discount Is Mostly a USDT Basis, Not US Selling
Bitcoin traded at $75,768.94 on Coinbase’s BTC-USD market at 03:28 UTC on 8 November. In the same minute, Binance printed $75,884.30 on its BTCUSDT pair. The $115.36 gap, 15.2 basis points, has closed negative every session since 4 September, and it is normally read as a measure of US demand. That reading is wrong by a factor of ten. Coinbase’s own USDT-USD market quoted $0.99862 at that moment, according to the exchange’s public market data. Co…
Bitcoin has been trading for 61 days with a negative premium in Coinbase, while US spot ETFs have strong outflows. However, the gap is small and not enough on its own to confirm that buyers have left the market or to point to land in the price.
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