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Coinbase’s Bitcoin holdings have fallen near a one-year low, on-chain analyst Onchain Crypto said. As of Oct. 19, local time, holdings stood at 845,400 BTC, placing them in the bottom 2% of the past year. Over the same period, Binance’s stablecoin reserves came in at $43.39 billion, ranking in the bottom 3% over the past year.
The Coinbase Premium Index fell from -0.012 to -0.123 over the past 14 trading days, while Binance funding rates rose to 0.0092, the highest level during that span. The analyst said this suggests relative buying demand in the U.S. spot market is weakening even as short-term leveraged trading increases. A recovery in Binance stablecoin reserves and a return of the Coinbase premium to positive territory are seen as key indicators for assessing upside potential.