Bitcoin keeps losing ground when Wall Street opens as Coinbase discount deepens
Key Summary
Bitcoin's weakness during the US trading session is deepening as the cryptocurrency experiences a $64 discount on Coinbase compared to Binance, according to CryptoSlate analysis. Despite this, Bitcoin's net gains since September 21 have largely come outside the US session, with ETF flows failing to identify the seller. The Coinbase discount and Glassnode's view that the American trading session has become a source of pressure suggest that the US session may be a key factor in Bitcoin's losses.
US Session Weakness Deepens Bitcoin's Losses
Bitcoin's US-session weakness is deepening as BTC prices on Coinbase trade at a $64 discount to Binance, the largest global crypto exchange. According to CryptoSlate analysis, Bitcoin lost a compounded 3.24% during US stock-market hours since September 21, while prices outside that window advanced 6.07%. The pattern supports Glassnode's view that the American trading session has become a source of pressure.
Coinbase Premium Gap Falls to -$64
During this period, CryptoQuant's Coinbase Premium Gap fell to -$64, pointing to weaker demand or heavier selling on the US-focused exchange. The losses were heavily concentrated in two sessions, while ETF flows on those dates moved in opposite directions, complicating claims of persistent institutional selling.
ETF Flows Fail to Identify the Seller
ETF flows provide the clearest challenge to a simple institutional-selling explanation. US spot Bitcoin ETFs recorded $148.7 million of net outflows on September 30, aligning with the first major US-session decline. However, the funds attracted $189.9 million even as Bitcoin fell 2.65% during Wall Street hours. The divergence suggests that ETF investors alone cannot explain the session weakness.
Coinbase Discount Supports Glassnode's View
The Coinbase discount and Glassnode's view that the American trading session has become a source of pressure suggest that the US session may be a key factor in Bitcoin's losses. The next several sessions will test whether the pattern is becoming more persistent.