Sixty days. That is how long Bitcoin has traded cheaper on Coinbase than on global venues, with Nov 3 extending the run. American buyers paid -0.151% under the world price for $BTC that day.
The gap was a little shallower than its recent norm. The seven day average for the same discount came in at -0.190%.
Dated futures told a different story. Quarterly contracts were priced above spot at an annualized +5.87%, meaning traders buying exposure through the quarter accepted a yearly premium over the spot price to get it.
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.
The gap was a little shallower than its recent norm. The seven day average for the same discount came in at -0.190%.
Dated futures told a different story. Quarterly contracts were priced above spot at an annualized +5.87%, meaning traders buying exposure through the quarter accepted a yearly premium over the spot price to get it.
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.
