Institutional desk volume plunges 63.2% as bitcoin discount enters fifth day

Bitcoin continued to trade at a discount in the U.S., signaling weak buying appetite, while volume through an institutional trading venue plunged 63.2%. Bitcoin has traded more cheaply in the U.S. than overseas markets for five straight days. With institutional activity also falling sharply, a recovery in spot demand remains unclear. The Coinbase premium stood at -0.1305% on Oct. 18. It remained negative for five consecutive days, moving from -0.1417% on Oct. 14 to -0.1392% on Oct. 15, -0.1416% on Oct. 16, -0.1385% on Oct. 17 and -0.1305% on Oct. 18. A negative premium means bitcoin is trading more cheaply on Coinbase than in overseas markets. Although the discount narrowed slightly, the reading suggests U.S. buying demand remained weaker. Coinbase Prime volume totaled 1,900.38 BTC on Oct.

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