Coinbase priced Bitcoin below the rest of the world for a 43rd day in a row on Oct 17. US buyers closed the day paying -0.138% under the global price, the gap traders call the Coinbase premium.
That discount ran a little deeper than the past week's average of -0.127%. The size is small. What stands out is the length, with no day back on the paying side since the streak began.
In futures, quarterly $BTC contracts traded at an annualized +5.40% over spot, the extra cost of holding Bitcoin exposure through a dated contract instead of the coin itself.
Since 2017, days in this very low band saw a median +0.1% BTC move over the next 7d (n=663, base +0.5%, 9y of records). History, not a forecast.
That discount ran a little deeper than the past week's average of -0.127%. The size is small. What stands out is the length, with no day back on the paying side since the streak began.
In futures, quarterly $BTC contracts traded at an annualized +5.40% over spot, the extra cost of holding Bitcoin exposure through a dated contract instead of the coin itself.
Since 2017, days in this very low band saw a median +0.1% BTC move over the next 7d (n=663, base +0.5%, 9y of records). History, not a forecast.