[Analysis: Coinbase Bitcoin Premium Index Drops to -0.2037 on October 31, Spot Buying Demand May Have Weakened] According to Jinse Finance, on November 2nd, based on CryptoOnchain data, the Coinbase Bitcoin Premium Index dropped to -0.2037 on October 31st, 2026, with a Coinbase premium gap of -158 (Z value of -2.76). During the same period, Binance's BTC funding rate rose to 0.0100, an increase of 123.6% compared to the past 30 days; while Binance's open interest (OI) decreased by 1.5% compared to a month ago. The negative Coinbase premium, coupled with a high Binance funding rate, may indicate a weakening of buying demand in the Coinbase-related spot market, while leveraged trading on the Binance market remains relatively active. Macroeconomic Overview: The US GDP and Personal Consumption Expenditures Price Index (PCE) were released on October 29th, with figures of 3.40% and 3.65%, respectively. Bitcoin's correlation coefficient with the US Dollar Index (DXY) over the past 90 trading sessions is -0.27, indicating an unstable correlation. Therefore, it should be considered a background reference rather than a trading signal. One unverified interpretation is that the drop in Bitcoin's price from $80,800 on October 27th to $77,900 on October 29th may be a market reaction to the aforementioned macroeconomic data release. Data Statistical Period: - On-chain data as of October 31, 2026. - Macroeconomic data as of October 29, 2026. - Netflow and stablecoin-related data series are not included.