Coinbase Premium Drops to One-Month Low at -0.07%

Bitcoin (BTC)’s Coinbase Premium has dropped to approximately -0.07%, reaching its lowest level in a month. This follows weakened US buying demand as regulatory bill procedures stalled and interest rate hike expectations mounted. CoinDesk reported on the 16th that the Coinbase Premium fell from about -0.02% the previous day to around -0.07%. With Bitcoin priced at roughly $75,900 (about ₩132.2 million), the price difference between Coinbase ($COIN) and Binance is approximately $50 (about ₩68,000). The Coinbase Premium measures the percentage difference in Bitcoin prices between Coinbase’s USD-denominated market and Binance’s USDT-denominated market. CryptoQuant calculates this as a ratio of the two exchanges’ price differences.

A negative premium indicates that Bitcoin’s price on Coinbase is lower than on Binance at the same time, serving as an indicator of relative buying pressure on Coinbase versus USD-based spot demand. The premium turned positive for several months in late August and early September when Bitcoin approached $80,000 before reverting to negative after prices dropped to around $75,000. Previously, the Coinbase Premium had remained negative for 95 consecutive days, setting a record streak. While this latest figure does not set a new record, it signals renewed weakness in relative demand at US exchanges.

Regulatory factors also contributed to dampened buying sentiment. On the Senate floor, a procedural vote on the Digital Asset Market Clarity Act (Clarity Act) failed to meet the required 49-50 threshold for advancement, with the bill marked as 'Not invoked.' This does not mean the bill was permanently scrapped but that it did not advance beyond its current stage. Senator Cory Booker stated he could not support the bill without addressing potential conflicts of interest involving President Donald Trump and his family regarding virtual assets. Democratic lawmakers argued consumer protections and conflict-of-interest safeguards were insufficient, while supporters warned the stalled vote could increase regulatory uncertainty for digital assets in the U.S.

Interest rate factors compounded market pressures. The Federal Reserve held its FOMC meeting on 15–16 October, with markets anticipating a 25bp rate hike at the time of writing. A rate increase would raise the federal funds target range to 3.75–4%. However, actual decisions were not confirmed yet. Oil prices also weighed on risk assets, with Brent crude trading around $108 per barrel (about ₩146,880) and WTI at approximately $104 (about ₩141,440), while U.S. 10-year Treasury yields surpassed 5%. Higher energy prices fuel inflation concerns, and elevated Treasury yields can tighten financial conditions, indirectly affecting Bitcoin prices alongside the Coinbase Premium.