Bitcoin (BTC) remained cheaper on Coinbase than on Binance in a Friday reading, while Coinbase Prime activity rose 29.8% the previous day, leaving U.S. market signals split.
At 8:02 a.m. ET (13:02 UTC) Friday, CryptoQuant’s Coinbase premium index registered -0.15%, compared with a -0.13% close on Nov. 12. The measure compares Bitcoin prices on Coinbase and Binance. Its negative sign means the Coinbase quote was lower. Each completed session from Nov. 8 through Nov. 12 also ended below zero: the readings, in order, were -0.13%, -0.14%, -0.13%, -0.12% and -0.13%. Friday’s figure was an intraday observation, separate from those five completed daily closes.
CryptoQuant data put Coinbase Prime turnover at 10,608.86 BTC on Nov. 12, 29.8% above the 8,170.33 BTC total from Nov. 11. Applying Bitcoin’s Nov. 12 closing price valued the activity at about $757.15 million. Prime serves institutional traders, but gross turnover covers both sides of trades, so the total cannot establish whether clients increased their net Bitcoin positions.
Together, the measures show more trading alongside a wider discount, but they do not answer the same question. The premium compares prices on two exchanges rather than tallying all U.S. Bitcoin demand. Prime volume records activity on one institutional platform and does not show the net direction of client trades. The figures point to increased activity without confirming that institutions accumulated Bitcoin.
EconoTimes previously covered a similar combination of a negative premium and changing Prime volume in its earlier report on the Coinbase indicators.
CoinGecko and exchange spot data put Bitcoin at $69,172 as of 8:14 a.m. ET (13:14 UTC) Friday, down 4.64% over 24 hours.
Later completed daily closes, read alongside new Prime totals, are the next evidence to watch for whether the Coinbase price gap narrows while institutional activity remains elevated.
