Institutional Trading Resurges in US Bitcoin Market as Prices Remain Lower Than Global Averages

Institutional trading volumes have significantly increased, though US spot prices remain lower than international rates. While actual transactions have rebounded, price signals remain cautious. As of 2:45 PM KST on September 15, the Coinbase Premium index stood at -0.0584%, down from previous days' readings of -0.0205% (September 12), -0.0549% (September 13), and -0.0182% (September 14). A positive premium would indicate US investors are paying more than international markets, while negative values suggest the opposite. The five consecutive days of negative figures indicate that US spot buying pressure remains weaker compared to global markets. Coinbase Prime, an institutional trading venue, saw a daily volume of 6,595.34 BTC on September 14—a 196.2% increase from the previous day's 2,226.36 BTC—with a $369.63 million dollar-denominated 24-hour trading volume. The surge in Prime transactions signals renewed institutional activity. The CME Bitcoin futures leverage fund positions as of September 8 showed 5,146 longs and 13,038 shorts, with short positions at 2.5 times the longs, indicating a bearish bias. Meanwhile, the VIX index stood at 17.10 on September 14—a rise from 15.84 on September 11—suggesting moderate market volatility but still within calm territory (below 20). The U.S. dollar index rose to 99.61 on September 15, up from 99.46 the previous day, while the 10-year Treasury yield was at 4.96% as of September 11. While institutional trading has revived in the US market, macroeconomic factors such as a stronger dollar and higher interest rates may still pose challenges for aggressive buying in cryptocurrencies.