Bitcoin’s Coinbase discount widened in a Nov. 12 live reading after Prime trading volume fell a day earlier, leaving little evidence in either reading of stronger U.S. demand.
CryptoQuant’s premium index compares Bitcoin prices on Coinbase and Binance. It moved from -0.15% on Nov. 7 to -0.13% on Nov. 8, then stood at -0.14% on Nov. 9, -0.13% on Nov. 10 and -0.12% on Nov. 11. The live reading on Nov. 12 was -0.15%. A negative figure means Bitcoin was priced lower on Coinbase than on Binance, so the daily closing readings showed a narrowing discount before the live reading widened it again.
CryptoQuant data showed Coinbase Prime handled 8,170.33 BTC on Nov. 11, down 23.6% from 10,692.84 BTC on Nov. 10. The Nov. 11 tally equaled about $604.01 million using Bitcoin’s closing price that day. Prime is an institutional trading venue, but gross volume includes transactions in both directions and does not establish whether clients were net buyers or sellers.
Weekly Commodity Futures Trading Commission (CFTC) data showed leveraged funds held 5,114 long and 7,705 short CME Bitcoin futures contracts as of Nov. 3. The short count was roughly 50% higher than the long count. Those futures figures provide a lagged comparison with the newer spot readings and describe futures positioning rather than Coinbase trading.
Prime activity had also risen earlier in the month: EconoTimes’ coverage of Coinbase pricing and Prime activity noted that volume reached 3,559.84 BTC on Nov. 8, up from 2,446.61 BTC on Nov. 7, while the premium stayed negative. A less-negative daily premium alongside higher Prime volume would show the two measures moving in the same direction; the latest readings do not show that alignment.
