[Wall Street Liquidity Radar] Coinbase premium negative for five consecutive days... US cautious despite increased trading

Coinbase’s premium stayed negative for a fifth straight session, with the U.S.-versus-offshore bitcoin price gap at -0.1199% on Nov. 11 after closing between -0.1301% and -0.1498% from Nov. 6-10, meaning U.S. traders paid less than offshore venues. The persistent discount signals continued caution among U.S. buyers even as trading activity through institutional channels increased. The narrowing from -0.1448% on Nov. 9 to -0.1331% on Nov. 10 and -0.1199% on Nov. 11 suggests selling pressure may be easing, though the premium remains below zero. The metric matters because a sustained negative Coinbase premium often reflects weaker U.S. demand relative to offshore markets. Next, watch whether the premium turns positive, which would indicate renewed U.S. buying conviction rather than mere participation.