[Wall Street Liquidity Radar] Confirming US demand for Bitcoin comes first... Institutional trading growth alone leaves direction unclear

Bitcoin traded at a discount on U.S. exchanges versus offshore venues, with the Coinbase premium index negative every session from Nov. 1 through Nov. 5—ranging from -0.094% to -0.1847%—and widening to -0.1723% by early afternoon on Nov. 6, signaling softer American demand even as institutional trading activity increased. The persistent negative premium, combined with equity-market jitters, argues against reading the higher trading volumes as a genuine buyer recovery. The Coinbase premium is watched as a gauge of U.S. spot demand: a positive reading means American buyers are paying up versus overseas, while a negative one points to U.S. selling pressure or weaker local appetite. With the discount deepening rather than closing, the next signal to watch is whether the premium turns positive and sustains, which would confirm that U.S. demand—not just institutional turnover—is driving the market.