For a 50th straight day, Bitcoin traded cheaper on Coinbase than on global venues. On Oct 24 US buyers paid -0.146% less for $BTC than traders elsewhere, a discount at the deep end of our 90 day range.
That gap ran wider than its seven day average of -0.123%. Quarterly futures still priced Bitcoin above spot, a premium worth +5.61% a year when annualized.
The discount itself is small in size. What stands out is how long US buyers have stayed below the rest of the world, now 50 days without a single day above.
Since 2017, days in this very low band saw a median +0.0% BTC move over the next 7d (n=665, base +0.5%, 9y of records). History, not a forecast.
That gap ran wider than its seven day average of -0.123%. Quarterly futures still priced Bitcoin above spot, a premium worth +5.61% a year when annualized.
The discount itself is small in size. What stands out is how long US buyers have stayed below the rest of the world, now 50 days without a single day above.
Since 2017, days in this very low band saw a median +0.0% BTC move over the next 7d (n=665, base +0.5%, 9y of records). History, not a forecast.