[Wall Street liquidity radar] Bitcoin trading rises 45.3%, but U.S. buying conviction remains limited

Bitcoin trading through Coinbase Prime rose 45.3%, but U.S. spot prices remained below offshore prices, leaving evidence of stronger buying conviction limited. Greater institutional participation has yet to translate into a clear U.S. buying premium. Futures positioning and a renewed rise in equity volatility also point to mixed market signals. The latest Coinbase premium reading on October 22 was -0.10%, based on Coinbase and Binance prices. The daily series showed the discount narrowing from -0.13% on October 18 to -0.12% on October 19, -0.11% on October 20 and -0.08% on October 21, before widening to -0.13% on October 22.