Coinbase Bitcoin trades lag behind Binance, signaling cooling US interest

exchange68September 12, 2024

0 1 1 minute read

Quick Take

As we approach the end of 2023, an interesting shift in trading patterns has been identified in the Bitcoin market.

Most of the year saw BTC-USD traded on Coinbase at a premium compared to BTC-USDT on Binance. However, this tendency has recently taken an unexpected turn, with Bitcoin on Coinbase now trading at one of the most significant discounts of the year, comparable to August, and falling roughly $50 behind the BTC-USDT price on Binance.

This movement suggests a potential decrease in interest among US investors in buying Bitcoin on Coinbase compared to the preceding months. The timing of this shift, coinciding with the week before the holiday period, hints at a possible correlation. Investors may be starting to wind down their portfolios or de-risk, as evidenced by the observed decline in open interest on the CME Bitcoin futures front.

BTCUSD vs BTCUSDT: (Source: Trading View)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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