# Institutional desk volume plunges 63.2% as bitcoin discount enters fifth day By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/34345 Published: 2026-10-18T11:42:20.000Z Updated: 2026-10-18T11:42:20.000Z Section: Investing > Coinbase Prime volume fell 63.2% to 1,900.38 BTC, while the Coinbase premium remained negative for a fifth straight day. The VIX climbed to 19.99 as institutional activity weakened. Bitcoin continued to trade at a discount in the U.S., signaling weak buying appetite, while volume through an institutional trading venue plunged 63.2%. Bitcoin has traded more cheaply in the U.S. than overseas markets for five straight days. With institutional activity also falling sharply, a recovery in spot demand remains unclear. The Coinbase premium stood at -0.1305% on Oct. 18. It remained negative for five consecutive days, moving from -0.1417% on Oct. 14 to -0.1392% on Oct. 15, -0.1416% on Oct. 16, -0.1385% on Oct. 17 and -0.1305% on Oct. 18. A negative premium means bitcoin is trading more cheaply on Coinbase than in overseas markets. Although the discount narrowed slightly, the reading suggests U.S. buying demand remained weaker. Bitcoin: Coinbase premium (%) ![Institutional desk volume plunges 63.2% as bitcoin discount enters fifth day]() Coinbase Prime volume totaled 1,900.38 BTC on Oct. 17, down 63.2% from 5,159.84 BTC the previous day. Its 24-hour dollar volume was about $388.76 million. Volume on the institutional venue reflects actual trading activity among U.S. institutions. The sharp decline indicates reduced participation but does not show whether buyers or sellers were dominant. Leveraged funds held 5,520 long contracts and 11,364 short contracts in CME bitcoin futures as of Oct. 13, according to the CFTC's weekly disclosure. Short positions were about 2.1 times long positions, showing a downside bias. The VIX rose 3.53 points to 19.99 on Oct. 16 from 16.46 the previous day. It climbed from 14.84 on Oct. 9 to 15.21 on Oct. 12, 15.27 on Oct. 13, 16.87 on Oct. 14, 16.46 on Oct. 15 and 19.99 on Oct. 16. The VIX measures expected volatility and anxiety in the U.S. stock market, with 20 commonly viewed as a rough dividing line between calm and stress. The index remained below 20 but moved close enough to that threshold to add pressure on risk assets such as crypto. ![Institutional desk volume plunges 63.2% as bitcoin discount enters fifth day]() The U.S. Dollar Index fell 0.16 to 101.84 on Oct. 16 from 102.00 the previous day, while the 10-year U.S. Treasury yield stood at 5.10% on Oct. 15. A weaker dollar may ease some pressure on risk assets, but elevated yields can constrain capital inflows. The U.S. market showed a risk-averse tilt as bitcoin's discount coincided with a steep decline in institutional trading. Key signals include whether the Coinbase premium turns positive, Coinbase Prime volume recovers and the VIX crosses 20. [Editor's note] Wall Street Liquidity Radar tracks four indicators of how U.S. investors view bitcoin: leveraged-fund positioning in CME futures, the Coinbase premium against overseas prices, the VIX volatility index and trading volume on Coinbase Prime. Together, they offer a snapshot of short-term market direction and broader investor sentiment. This article is based on market data and analysis and does not constitute investment advice regarding any asset.