# [Wall Street liquidity radar] Bitcoin’s US discount narrows, but buying conviction remains unconfirmed By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/57798 Published: 2026-11-15T12:41:35.000Z Updated: 2026-11-15T12:41:35.000Z Section: Investing > Bitcoin’s Coinbase premium remained negative at -0.02% intraday as its US discount narrowed. Lower institutional turnover and heavier futures shorts left sustained buying strength unconfirmed. Bitcoin’s US price discount has narrowed, but the latest intraday reading remains negative, leaving stronger buying demand unconfirmed. Trading volume through the institutional channel also declined slightly. The smaller discount suggests an improvement in relative US pricing. With the latest reading still intraday and institutional turnover lower, however, the indicators offer limited evidence of sustained buying strength. The Coinbase premium, which measures the price difference between Coinbase and Binance, stood at -0.13% on November 10, -0.12% on November 11, -0.13% on November 12 and -0.11% on November 13 before narrowing to -0.05% on November 14. The latest reading was -0.02% at 12:40 UTC on November 15. A positive premium indicates a higher US price, while a negative reading indicates a discount. Completed daily readings remained negative, although the discount narrowed on November 14. The latest intraday reading also remains below zero, so it does not yet establish a US price premium. Bitcoin: Coinbase premium (%) ![ Wall Street liquidity radar Bitcoin’s US discount narrows, but buying conviction remains unconfirmed]() Coinbase Prime trading volume totaled 16,455 BTC on November 14, down slightly from 16,925 BTC on November 13. At that day’s closing price, November 14 turnover was approximately $1.06 billion. Executed volume through the institutional channel provides a measure of trading activity. It includes both purchases and sales, however, and cannot establish net institutional buying. The decline offers little confirmation of expanding institutional participation. CFTC disclosures showed leveraged funds holding 5,114 long contracts and 7,705 short contracts in CME Bitcoin futures as of November 3. Shorts exceeded longs. The figures are published weekly and represent an earlier positioning snapshot. The VIX closed at 19.30 on November 13, up 0.60 from 18.70 on November 12. ![ Wall Street liquidity radar Bitcoin’s US discount narrows, but buying conviction remains unconfirmed]() The index measures expected volatility in US equities. Its increase suggests greater caution in the equity market, providing a less supportive backdrop for stronger risk appetite in crypto. The dollar index closed at 103.41 on November 13, rising 0.24 from 103.17 on November 12. The US 10-year Treasury yield stood at 5.10% on November 12. A firmer dollar and elevated yields suggest a challenging backdrop for risk assets such as Bitcoin. The indicators suggest improving relative US Bitcoin pricing alongside continued caution. Whether the discount continues to narrow in completed daily readings, together with any recovery in institutional trading activity, will help assess the durability of that improvement. [Editor’s note] Wall Street liquidity radar examines US Bitcoin sentiment through CME leveraged-fund positioning, the Coinbase premium, the VIX and Coinbase Prime trading volume. Together, these indicators provide context on futures positioning, relative spot pricing, equity-market uncertainty and institutional trading activity.