BTC It is not uncommon for Bitcoin to trade at a discount on Coinbase. This happens every now and then during larger downturns. The current discount actually isn't even that massive compared to previous periods. This discount gets created when the market sees a lot of spot selling coming from Coinbase (Usually from ETFs and US investors/institutions). Generally this isn't the strongest sign and points to a downwards momentum. But as you can also see, the market rarely bottoms (locally) without first seeing such a discount. So the way I'd read into this data is similar to ETF flows: The fact that it's down/negative isn't bullish. But if price can sustain or start grinding higher after absorbing such a period of selling, that in itself could be a bullish sign. So always compare the data what price is doing.(Daan Crypto Trades)