Analysis: U.S. Institutions Still Bullish on BTC, While Overseas Investors are Exiting

BlockBeats News, February 15th: According to NYDIG Research Director Greg Cipolaro's analysis, there is a divergence in sentiment between U.S. institutional investors and offshore traders in the Bitcoin market. Currently, the CME Bitcoin futures annualized basis is higher than on the offshore exchange Deribit, indicating that U.S. hedge funds and other institutions still prefer to pay a premium to maintain long positions, while offshore market leveraged long interest has significantly decreased.

Regarding the previous market rumors about the "quantum computing threat" causing Bitcoin to drop to $60,000, NYDIG believes that the data does not support this logic. The recent trend of Bitcoin has shown a positive correlation with quantum computing-related stocks such as IONQ and D-Wave, rather than a reverse divergence. If quantum computing indeed poses a targeted threat, related stocks should rise when Bitcoin falls. The current synchronized decline reflects a overall decrease in the market's risk appetite for long-term growth assets. In addition, Google Trends data shows that an increase in related search volume usually accompanies price increases rather than decreases, indicating that this topic is more driven by market hype rather than panic selling. (CoinDesk)