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In the volatile world of cryptocurrency trading, price discrepancies between exchanges can offer crucial insights into regional demand and market sentiment. Bitcoin is trading at a discount on Coinbase, a leading US-based crypto exchange, compared to its prices on global platforms. The exchange’s spot pricing has slipped into a discount relative to major offshore platforms.

Market Sentiment Softens Ahead Of Key Economic Data

A full-time crypto trader and investor, Daan Crypto Trades, has highlighted on X that it’s not unusual for Bitcoin to trade at a discount on Coinbase, and this happens quite often during a larger market pullback. However, the current discount is not as substantial as it was in the previous cycle.

The discount is fundamentally created when the market is oversupplied with spot selling pressure originating from the Coinbase platform, particularly from the ETFs, US investors, and institutional investors. Generally, this discount on Coinbase is not the strongest sign, but it points to downward momentum. As seen on the chart, the market rarely bottoms locally without first undergoing such a period of heavy selling, which generates the discount.

Daan noted that this data is similar to tracking ETF flows, and the fact that BTC’s price on Coinbase is negative is not a bullish indicator. However, if the BTC price can sustain or start grinding higher after absorbing this period of heavy selling pressure, which is indicated by the discount, that could be a bullish sign for BTC. “Always compare the data to know how the price is moving,” the expert mentioned.

Why This Cycle Might Last Longer Than Expected

Crypto analyst Batman has highlighted a fascinating perspective from giants like Wintermute, which suggests that the concept of the Bitcoin four-year cycle is no longer relevant. However, Wintermute is now calling for a BTC supercycle. Offering his insights on the statement, Batman is supporting the idea using the BTC chart against the Institute for Supply Management (ISM) and Purchasing Managers’ Index (PMI) composite.

According to the expert, risky assets like BTC historically flourish in a growing economy. When the economy shows signs of slowing down, as reflected by the ISM and PMI contracting, it usually coincides with the cycle top for BTC and ushers in a period of price slowdown.

Despite BTC not maintaining an all-time high level, the ISM and PMI are literally just beginning to expand, making this cycle different. A prolonged debt cycle due to the global Covid-19 shutdown may also cause the delay of the BTC cycle, as shown by the ISM and PMI starting to turn around toward an upward direction.

The co-founder of Samourai Wallet, Keonne Rodriguez, was given the maximum prison time this week after his guilty plea in a US federal case linked to tools that allowed Bitcoin users to attempt to conceal their transactions.

According to court filings, the sentence aims to close a chapter that began with an indictment unsealed in April 2024.

Pleas And Sentencing Dates

According to court documents, Rodriguez pleaded guilty in mid-2025 to running an unlicensed money transmitting business. The plea did not encompass all counts within the original indictment but did result in the scheduling of a sentencing hearing.

On November 6, 2025, a judge imposed the longest prison term of five years sought by prosecutors for that count. His co-founder, William Lonergan Hill, faces related proceedings after being arrested overseas; extradition efforts are underway.

Defense: He lived in a $250,000 home in Harmony, PA unlike SBF. He’s an engineer. He’s a warm family man. Keonne Rodriguez: I agree with what my counsel said. My letter, I wanted it to be personal. I’ve been silent for 18 months. I wanted to bring my story to you

— Inner City Press (@innercitypress) November 6, 2025

Samourai Wallet: Allegations And Figures

According to the Department of Justice, Samourai Wallet and associated services processed approximately $2 billion in transactions that the government says included funds tied to illegal activity.

Prosecutors say that more than $100 million of criminal proceeds were laundered through features allowing users to mix or route coins via extra hops.

The tools at the center of the case — known as Whirlpool and Ricochet — were repeatedly mentioned in filings as methods that made tracing funds difficult. The government also said the founders marketed these features in ways they said appealed to bad actors.

Records show the charge of unlicensed money-transmitting business carries up to five years in prison. The federal probation office had suggested a term below that, recommending about 42 months, but prosecutors asked the court to impose the full five-year sentence.

Those figures were based on court documents and public statements by the US Attorney’s Office in the Southern District of New York.

Charges Narrowed, Questions Remain

Reports have identified that the defendants did not plead guilty to each of the counts in the original complaint, with the plea agreement leaving some counts unresolved.

That has left defense lawyers and outside experts focusing on what the case means for software developers and privacy tools that operate in the cryptocurrency space.

Legal filings reflect a complex combination of criminal allegations and regulatory questions, and in various hearings, both parties used technical and legal arguments.

Legal And Community Reactions

The sentence has drawn sharp takes from different corners. Privacy advocates warn that criminal penalties aimed at developers could chill open-source work and set new limits on tools used by ordinary people to protect their financial privacy.

Featured image from Unsplash, chart from TradingView