Bitcoin's Coinbase Premium Index fell to −0.27% on October 29, its most negative reading since November 2022 on chart, when the cryptocurrency market was confronting the collapse of FTX.

The index measures the percentage difference between Bitcoin prices on Coinbase (BTC/USD) and Binance (BTC/USDT).

A negative reading indicates that Bitcoin trades at a relative discount on Coinbase.

With Bitcoin near $77000, the −0.27% reading implies a nominal price gap of approximately $209 per BTC, before accounting for differences between USD and USDT.

The latest decline follows a prolonged period of predominantly negative readings in 2026, contrasting with the positive premiums observed during several periods in 2024 and 2025.

This unusually deep discount suggests weaker relative demand or greater selling pressure on Coinbase, a major venue for US-based trading activity.

The historical comparison is particularly notable: Bitcoin has returned to a Coinbase discount last observed during the FTX crisis, despite trading at a substantially higher price than in November 2022.

The similarity concerns the indicator's extreme reading, not evidence of another FTX-scale collapse.

Notably, Bitcoin subsequently recovered and rallied significantly after the 2022 crisis, although a similar rebound is not guaranteed this time.

Written by Amr Taha