Bitcoin (BTC) remained cheaper on Coinbase than on Binance on Saturday as Prime activity fell sharply and futures data showed leveraged funds holding more shorts than longs, reinforcing a cautious picture for U.S. crypto markets.
CryptoQuant’s Coinbase premium reading was -0.13% on Oct. 24, compared with -0.14% on Oct. 23. The measure compares Bitcoin prices on Coinbase and Binance; a value below zero means Coinbase is cheaper. The reading moved closer to parity by 0.01 percentage point but stayed negative, leaving U.S. spot demand looking comparatively soft.
CryptoQuant data put Coinbase Prime’s Bitcoin volume at 4,959.79 BTC on Oct. 23, down from 7,296.83 BTC a day earlier, a fall of about 32%. The analytics firm listed the venue’s 24-hour dollar volume at about $381.75 million. Because the BTC total combines purchases and sales, it does not show whether clients bought more than they sold.
The Commodity Futures Trading Commission’s (CFTC) weekly positioning figures showed leveraged funds held 10,408 short CME contracts and 5,466 long contracts on Oct. 20. The agency releases the figures weekly, so the snapshot may trail current market conditions. Some short positions may offset other portfolio exposures instead of expressing a view on Bitcoin’s direction.
CryptoQuant put the VIX at 19.45 on Oct. 23, after 19.03 on Oct. 22 and 16.68 on Oct. 21. The index tracks expected volatility in U.S. equities. CryptoQuant’s dollar index figure was 101.81 on Oct. 23, compared with 101.61 on Oct. 22. The firm listed the U.S. 10-year Treasury yield at 4.96% on Oct. 22.
Subsequent readings of the premium and Prime volume will show whether trading activity recovers as the Coinbase price gap narrows, offering a better gauge of U.S.-linked buying.
