Analysis: The price difference between Coinbase and Binance for BTC has expanded to the highest level this year, and the resumption of withdrawals on Binance may lead to a convergence of the price difference

Galaxy Research Director Alex Thorn stated that the adjusted discount of Bitcoin on Coinbase relative to Binance's USDT has expanded to the largest level this year. However, Binance's previous suspension of withdrawals limited cross-platform arbitrage activities, making this price difference difficult to accurately reflect the true demand signals in the U.S. market.

With Binance having resumed withdrawals, attention should be paid to whether the price difference between the two major exchanges will gradually narrow.