[Wall Street liquidity radar] Bitcoin’s US discount and rising VIX signal caution

Bitcoin traded at a discount in the US while institutional trading volume declined, pointing to cautious demand. Rising stock-market volatility added to the subdued backdrop for risk assets. The signals offered limited evidence of stronger US buying interest. The latest spot-price discount persisted even as the daily premium series showed the gap narrowing. On October 23, the latest Coinbase premium reading was -0.15%. The daily series recorded -0.12% on October 19, -0.11% on October 20, -0.08% on October 21 and -0.13% on October 22, before narrowing to -0.07% on October 23. The latest reading therefore showed a wider discount than the October 23 daily-series observation. The premium compares Bitcoin prices on Coinbase and Binance. A positive reading indicates a higher US price; a negative reading indicates a discount.

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