[Wall Street liquidity radar] US Bitcoin demand shows signs of recovery as price discount persists

A narrowing US Bitcoin price discount and higher institutional trading volume point to improving buying sentiment. US prices remain below overseas levels, however, leaving the evidence of stronger demand mixed. The recent premium series shows the price gap steadily closing. Activity through Coinbase Prime also increased, adding evidence of greater institutional participation without establishing whether buyers or sellers drove the trading. The Coinbase premium series moved from -0.14% on October 17 to -0.13% on October 18, -0.12% on October 19 and -0.11% on October 20. It stood at -0.11% on October 21. A separate, latest snapshot on October 21 put the premium at -0.13%, based on Coinbase and Binance prices. A positive premium indicates a higher US price relative to the overseas benchmark; a negative reading indicates a discount.

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