Day 64. On Nov 7, Bitcoin on Coinbase, the exchange where US buyers trade, closed below the global price again, by -0.150%. The seven day average was -0.149%, so the discount has held steady rather than deepened.
Over the past 90 days the gap ran from a low of -0.271% on Oct 29 to a high of +0.032% on Aug 27.
Futures for the current quarter traded at a +5.49% annualized premium over spot, meaning traders were still paying extra to hold $BTC exposure forward even as US spot buyers bid under the world.
Since 2017, days in this very low band saw a median -0.2% BTC move over the next 7d (n=667, base +0.5%, 9y of records). History, not a forecast.
Over the past 90 days the gap ran from a low of -0.271% on Oct 29 to a high of +0.032% on Aug 27.
Futures for the current quarter traded at a +5.49% annualized premium over spot, meaning traders were still paying extra to hold $BTC exposure forward even as US spot buyers bid under the world.
Since 2017, days in this very low band saw a median -0.2% BTC move over the next 7d (n=667, base +0.5%, 9y of records). History, not a forecast.
