Galaxy Head of Research Alex Thorn said the USDT-adjusted discount on Bitcoin on Coinbase relative to Binance has widened to its largest level of the year. He said the spread has been harder to read as a clean signal of U.S. demand because Binance had previously paused withdrawals, which limited cross-exchange arbitrage. With withdrawals now restored on Binance, the next point to watch is whether the price gap between the two exchanges starts to narrow. The comment focuses on market structure rather than a directional call, highlighting how operational constraints on one venue can distort pricing relationships that traders often use to gauge regional demand. Thorn’s remarks were cited by Odaily in a brief market update.
Galaxy Head of Research Alex Thorn said the USDT-adjusted discount on Bitcoin on Coinbase relative to Binance has widened to its largest level so far this year.
According to Thorn, Binance’s earlier withdrawal pause limited cross-exchange arbitrage, making the spread less reliable as a signal of real demand in the U.S. market.
Now that Binance has restored withdrawals, the market will be watching whether the gap between Coinbase and Binance begins to narrow.
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