Wall Street remains bullish on bitcoin (BTC) price while offshore traders retreat
U.S. institutional investors remain bullish on Bitcoin, evidenced by higher CME futures basis, contrasting with retreating offshore traders on Deribit.Summary
A divergence in global Bitcoin market sentiment is apparent, with U.S. institutional investors on the CME platform showing continued bullishness, while offshore traders on Deribit are retreating. This is reflected in the futures basis, where the premium for one-month annualized futures over spot prices remains higher on CME than on Deribit, suggesting reduced appetite for leveraged long exposure among offshore participants. This widening spread acts as a gauge of geographical risk appetite. Separately, recent concerns linking Bitcoin's dip to quantum computing risks were dismissed by NYDIG research, which noted that Bitcoin's price movements mirrored those of publicly traded quantum computing stocks, suggesting a broader decline in appetite for long-term assets rather than a specific quantum threat. Despite Bitcoin recovering above $70,000 following cooler inflation data, the Crypto Fear & Greed Index remains in "extreme fear," indicating underlying market anxiety.
(Source：CoinDesk)