[Wall Street Liquidity Radar] Bitcoin buying sentiment improvement signals overlap... US price discount still remains

The Coinbase Premium Index, which measures the gap between U.S. and offshore bitcoin prices, narrowed from -0.2037% on Oct. 31 to -0.0507% by 1:40 p.m. on Nov. 5, signaling improving U.S. buying sentiment even as bitcoin continues to trade at a discount on Coinbase. The persistent negative reading means American investors are still paying less than offshore buyers, a threshold the market has yet to flip back above. The shrinking discount suggests weak U.S. demand may be easing, though it has not yet translated into a premium that would confirm renewed stateside buying pressure. Traders will watch whether the index crosses into positive territory, which would indicate U.S. spot demand is strong enough to pull prices above offshore levels.