Coinbase Bitcoin Discount Widens as Binance Breach Halts Arbitrage

The Coinbase Bitcoin discount against Binance hit a yearly high at roughly -0.06%, driven by a technical anomaly following a major security breach. Earlier, the Coinbase Premium Index extended its negative run to 39 consecutive days at -0.17%, reflecting prolonged weakness in U.S. demand. The latest widening occurred after Binance halted deposits and withdrawals due to an estimated $6.3 billion hot wallet hack on October 29–30. The operational freeze paralyzed cross-exchange arbitrage as Bitcoin traded down to the $77,000–$78,000 range, though Binance has initiated a phased resumption of withdrawals.