Bitcoin traded at a discount on Coinbase relative to Binance from October 27 to 31, while the Coinbase Bitcoin Premium Index stood at -0.2434% on October 31 and remained negative for 38 consecutive days. The readings indicated subdued U.S. buying demand or selling pressure despite a 38% increase in institutional trading volume on Coinbase Prime. CME data also showed that short Bitcoin futures positions exceeded long positions, suggesting a defensive derivatives-market stance. The index briefly turned positive at 0.0052% on August 24, ending a 97-day negative streak.