Bitcoin (BTC) turnover on Coinbase Prime climbed 59.5% on Nov. 13, while the U.S. price discount persisted, leaving higher trading activity without clear evidence of stronger U.S. buying.
CryptoQuant data showed 16,925.39 BTC in Prime turnover, up from 10,608.86 BTC on Nov. 12. Using Bitcoin’s Nov. 13 closing price, the activity was valued at about $1.15 billion. Coinbase Prime serves institutional traders. Its turnover combines purchases and sales, so the total does not show whether clients ended the period with more Bitcoin than they started with.
The Coinbase premium index remained below zero on every completed daily reading from Nov. 9 through Nov. 13. It registered -0.14% on Nov. 9, -0.13% on Nov. 10, -0.12% on Nov. 11, -0.13% on Nov. 12 and -0.11% on Nov. 13. A negative reading means Bitcoin’s U.S. price was lower than prices overseas. The Nov. 13 figure showed a narrower gap than the day before, but it remained negative. The live reading on Nov. 14 was -0.02%.
Commodity Futures Trading Commission (CFTC) disclosures showed leveraged funds held 7,705 short CME bitcoin futures contracts and 5,114 long contracts as of Nov. 3. Short positions were roughly 1.5 times long positions. The weekly snapshot predates the Nov. 13 Prime turnover figure and measures futures positioning, a different part of the market from trading on Coinbase Prime.
The increase follows a 29.8% rise in Coinbase Prime turnover on Nov. 12, covered in EconoTimes’ report on the previous day’s trading. The next completed daily premium readings, alongside subsequent Prime turnover, will show whether the activity continues as the U.S. price gap changes.
