Wall Street Liquidity Radar: U.S. bitcoin discount persists at 0.137%

U.S. bitcoin buying sentiment remains weak, while trading through an institutional-only venue increased. Bitcoin was trading at a discount in the U.S. market. Institutional activity rose, but the data did not indicate that U.S. spot demand had taken the lead. As of Oct. 16, the Coinbase premium stood at -0.137%. The daily series moved from -0.1313% on Oct. 12 to -0.0806% on Oct. 13, -0.1417% on Oct. 14 and -0.1392% on Oct. 15. A negative premium means bitcoin is cheaper on Coinbase than in the overseas market used for comparison. The latest reading suggests U.S. buying demand remains subdued. Coinbase Prime volume reached 7,097.03 BTC on Oct. 15, up 8.6% from 6,536.65 BTC the previous day. Its 24-hour dollar volume was about $391.43 million.

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