Bitcoin US Price Drops Further as Prime Volume Surges to 11,735.1 BTC

U.S. spot Bitcoin is trading cheaper than overseas markets, but institutional trading activity shows mixed signals as actual transaction volumes on dedicated platforms have significantly increased.

As of 2:40 p.m. on September 16, according to TokenPost PRO, the Coinbase Premium index fell from -0.0205% on September 12 to -0.0549% on September 13, then rebounded slightly to -0.0182% on September 14 before declining again to -0.0797% on September 15 and -0.1586% on September 16.

A positive value would indicate U.S. investors paying more than global markets, while negative values mean U.S. spot prices are cheaper. All five days showed negative figures, with the latest reading indicating an increased discount, suggesting weaker U.S. spot buying pressure.

Coinbase Prime (Coinigy data), the institutional trading venue, saw daily volume reach 11,735.1 BTC on September 15, up 54.3% from the previous day's 6,595.34 BTC and equivalent to approximately $359.25 million in dollar terms.

As Prime is primarily used by institutions, this volume reflects actual institutional trading activity. While U.S. spot prices remain weak, the surge in institutional platform trading suggests large capital movement again.

The CFTC's weekly CME Bitcoin futures leverage fund positions as of September 8 showed longs at 5,146 contracts and shorts at 13,038 contracts, with short positions representing 2.5 times the longs, indicating a downward bias.

VIX, which measures U.S. stock market volatility, stood at 17.20 as of September 15, up from 17.10 on September 14. While still below 20—the threshold often used to distinguish calm and volatile markets—this slight upward trend suggests growing concern.

The U.S. Dollar Index closed at 99.64 on September 16, down slightly from 99.65 the previous day. The U.S. 10-year Treasury yield stood at 4.97% as of September 14. Higher dollar strength or rising interest rates typically weigh on risk assets like Bitcoin.

Currently, market sentiment in the U.S. appears mixed: spot prices are cheaper than global markets with weaker retail and spot demand, but institutional trading volume has surged significantly. The key indicators to watch moving forward include whether the Coinbase Premium continues to widen its negative spread and if Prime trading volumes continue to rise.