U.S. Bitcoin Spot Discount Deepens as Institutional Selling Pressure Persists

Bitcoin's Coinbase premium dropped to -0.2236% on Oct. 13, extending a negative streak driven by subdued U.S. institutional spot demand. The widening discount comes after Bitcoin slipped below $84,000, triggering $812.95 million in total market liquidations amid $65.4 million in net outflows from U.S. spot ETFs on Oct. 12. Despite the soft spot pricing, Coinbase Prime institutional trading volume surged 122% to 4,737.90 BTC ($395.32 million) on Oct. 12, while leveraged funds held 12,583 short CME futures contracts against 5,731 longs.