[Wall Street Liquidity Radar] Coinbase Prime Trading Volume Plunges 82.2% as U.S. Buyers Take a Wait-and-See Approach

Coinbase Prime trading volume plunged 82.2% as US institutional buying activity weakened despite bitcoin trading cheaper in the US than overseas, according to TokenPost PRO data. The Coinbase premium, which measures the price gap between US and offshore bitcoin markets, stood at -0.2105% as of 1:40 p.m. on November 1, down from -0.2037% the prior day, and has remained negative for five consecutive sessions—reading -0.1158% on October 28, -0.2713% on October 29, -0.2434% on October 30, and -0.2037% on October 31. The persistent negative premium indicates US bitcoin prices are trading below offshore levels, signaling relatively weak US buy-side demand even at a discount. The sharp drop in prime brokerage activity suggests US investors lack conviction to accumulate, as the price differential has not translated into meaningful buying. Market watchers should monitor whether the Coinbase premium turns positive and whether prime trading volumes recover, which would signal renewed US institutional demand.