Bitcoin’s discount on the U.S.-based Coinbase exchange relative to Binance has reached about -0.06%, its highest level in a year. The apparent weakening in U.S. demand is nevertheless a technical illusion caused by Binance’s temporary freeze of deposits and withdrawals following a major hack. Hackers reportedly withdrew about $6.3 billion from the exchange’s hot wallets, while Binance froze half of the stolen funds and blocked transfers between platforms, paralyzing arbitrage. On November 1, Binance announced a phased reopening of withdrawals, starting with Bitcoin and Ether, which should allow arbitrageurs to narrow the price gap. If the discount persists, it could signal a genuine cooling in U.S. capital.
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