Bitcoin (BTC) remained cheaper on Coinbase than Binance in two Oct. 21 readings of CryptoQuant’s Coinbase Premium Index, even after the discount narrowed over the preceding days.
The index compares Bitcoin’s BTC/USD price on Coinbase with its BTC/USDT price on Binance. A negative reading means the Coinbase price is lower under that comparison.
The daily series moved from -0.14% on Oct. 17 to -0.13% on Oct. 18, -0.12% on Oct. 19 and -0.11% on Oct. 20. It also showed -0.11% on Oct. 21. A separate snapshot dated Oct. 21 put the index at -0.13%. Both readings remained below zero.
The index shows a difference between prices on two exchanges, however, rather than the balance of buying and selling behind that difference.
Futures positioning offers a separate, older measure of market activity. CFTC data for Oct. 13 showed leveraged funds held 11,364 short contracts and 5,520 long contracts in standard CME Bitcoin futures, futures only. Shorts outnumbered longs by about 2.1 to one in that category. Those positions preceded the Oct. 21 spot-price readings and do not identify who drove the later Coinbase discount.
The CFTC’s next weekly positions report is tentatively scheduled for Oct. 23 at 3:30 p.m. ET.
