A CryptoQuant reading put Bitcoin (BTC) at a -0.2024% Coinbase premium on Oct. 25, while Prime's Oct. 24 trading fell 24.8%, reinforcing a weak picture of U.S. spot buying.
The indicator registered -0.0818% on Oct. 21, then -0.1338% on Oct. 22, -0.1372% on Oct. 23 and -0.1465% on Oct. 24, before reaching -0.2024% on Oct. 25. It compares Bitcoin prices on Coinbase and Binance; a reading below zero means Coinbase's price was lower.
Coinbase Prime, an institutional trading venue, handled 3,727.66 BTC on Oct. 24, down from 4,959.79 BTC a day earlier, CryptoQuant data showed. The volume records trading activity but does not establish whether institutions bought or sold on balance.
An earlier EconoTimes report on Coinbase pricing and Prime activity recorded a negative premium on Oct. 18 while Prime volume rose.
Weekly data from the Commodity Futures Trading Commission (CFTC) showed leveraged funds held 5,466 long and 10,408 short CME Bitcoin futures contracts as of Oct. 20. Those positions are an earlier snapshot than the latest Coinbase premium readings and describe futures positioning rather than spot prices.
Future readings will show whether the Coinbase discount eases and Prime volume recovers. Those changes would add evidence of a pickup in U.S. buying.
