Bitcoin on Coinbase has been trading at a significant discount compared to Binance, driven by institutional outflows from US spot Bitcoin ETFs and weakening risk appetite. This persistent price gap highlights structural issues in market plumbing, including liquidity fragmentation, stablecoin dynamics, and arbitrage constraints. The discount serves as a composite signal of stress in US institutional demand, stablecoin microstructure, and cross-exchange connectivity.

#BTC #ETF