Deepening Discounts on US Spot Prices, Increase in Coinbase Prime Trading Volume

US spot prices are trading lower than overseas, and institutional trading is on the rise. As of 1:40 PM on September 11, the Coinbase premium decreased from -0.0253% on September 7 to -0.0111% on September 8, but fell again to -0.0287% on September 9, -0.042% on September 10, and -0.0519% on September 11. A negative value indicates that US spot prices are cheaper than overseas. All five recent days have been negative, indicating weak buying pressure. The trading volume on Coinbase Prime on September 10 was 6,402.53 BTC, a 21.7% increase from the previous day's 5,261.63 BTC. This trading volume reflects the actual trading movements of US institutions and can be interpreted as a signal of a revival in institutional trading. However, in a situation where the premium is negative, it is difficult to view the overall buying pressure as strong. According to the CFTC, as of September 1, there were 4,530 long positions and 12,150 short positions in CME Bitcoin futures, with shorts outnumbering longs by 2.7 times. The VIX rose to 17.84 as of September 10, indicating anxiety in the US stock market. The dollar index remains at 99.09, unchanged from the previous day, and the 10-year Treasury yield is at 4.83%. Currently, while institutional trading volume in the US market is increasing, spot prices remain lower than overseas.

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