Bitcoin’s discount on Coinbase narrowed slightly Nov. 1, while Coinbase Prime trading fell sharply and leveraged funds held more short than long futures contracts, leaving U.S. participation signals mixed.
CryptoQuant’s Coinbase premium index registered -0.18% on Nov. 1, up from -0.20% a day earlier. It remained below zero, indicating Bitcoin’s Coinbase price was still below Binance’s.
CryptoQuant’s daily totals fell from 13,721.60 BTC on Oct. 30 to 2,436.10 BTC on Oct. 31, a decline of 82.2%. The analytics firm separately listed reported 24-hour dollar volume at about $368.41 million. Trading totals capture completed activity but do not show whether clients bought more than they sold.
Commodity Futures Trading Commission (CFTC) data showed leveraged funds held 9,866 short CME Bitcoin futures contracts and 5,887 long contracts as of Oct. 27. The short total exceeded the long total by 3,979 contracts. Because the CFTC reports these positions weekly, the figures predate the Nov. 1 premium reading.
EconoTimes previously reported a decline in Coinbase Prime activity on Oct. 24, when volume fell to 3,727.66 BTC from 4,959.79 BTC a day earlier, in its coverage of Coinbase’s discount and Prime trading. If the discount keeps narrowing while Prime activity rebounds, the combination would offer stronger evidence of improving participation.
