Leveraged funds held more short than long CME Bitcoin futures contracts on Oct. 27, while Bitcoin (BTC) traded below Binance’s price on Coinbase through Nov. 5, offering U.S. market watchers two cautious signals. Neither measure shows whether spot-market buyers outweighed sellers; they cover different parts of trading and positioning.
CryptoQuant’s Coinbase premium index recorded readings of -0.18% on Nov. 2, -0.15% on Nov. 3, -0.09% on Nov. 4 and -0.16% on Nov. 5. The discount widened on the final day. The live reading on Nov. 6 was -0.14%.
CryptoQuant calculates the index by comparing Bitcoin prices on Coinbase and Binance. A reading below zero means the Coinbase quote was lower; a positive figure means it was higher. The index describes a relative price gap, not the total balance of purchases and sales across U.S. markets.
The Commodity Futures Trading Commission (CFTC) weekly report for Oct. 27 showed leveraged funds holding 9,866 short CME Bitcoin futures contracts and 5,887 long contracts. Short positions exceeded long positions by 3,979 contracts. The figures cover the report date rather than live trading, and the CFTC publishes them weekly.
The two measures capture different parts of the market: the Coinbase index tracks relative exchange prices, while the CFTC report covers leveraged funds’ futures positions. Together, they offer a limited view of market sentiment rather than a complete count of U.S. Bitcoin buying and selling.
The latest readings continue EconoTimes’ earlier coverage of the Coinbase discount and Prime trading. Further daily premium readings could help clarify whether the Coinbase discount narrows.
