Turkey's Bitcoin discount on Nov 1 was really a dollar discount. Lira buyers paid -0.17% (-16.5 bps) against the global price, close to the 24 hour average of -17.6 bps.
Almost all of it sits in the dollar leg. Tether bought with lira traded -16.6 bps against the official USD/TRY rate from Oct 30, and the crypto leg, Bitcoin priced in Tether, added only +0.1 bps.
CoinTR was the dearest of the five eligible exchanges at -4.7 bps and Binance TR the cheapest at -26.3 bps, so none of the eligible venues priced above the world. This is a price gap, not a trade anyone can lock in.
Almost all of it sits in the dollar leg. Tether bought with lira traded -16.6 bps against the official USD/TRY rate from Oct 30, and the crypto leg, Bitcoin priced in Tether, added only +0.1 bps.
CoinTR was the dearest of the five eligible exchanges at -4.7 bps and Binance TR the cheapest at -26.3 bps, so none of the eligible venues priced above the world. This is a price gap, not a trade anyone can lock in.
