Analysis: US Institutions Remain Bullish on BTC, While Overseas Investors Are Withdrawing

According to an analysis by Greg Cipolaro, Head of Research at NYDIG, there is a divergence in sentiment between US institutional investors and offshore traders in the Bitcoin market. Currently, the annualized basis for CME Bitcoin futures is higher than that of offshore exchange Deribit, indicating that US institutions such as hedge funds are still willing to pay a premium to maintain long positions, while interest in leveraged long-term exposure in offshore markets has significantly declined.

Addressing previous market rumors that "quantum computing threats" caused Bitcoin to drop to $60,000, NYDIG believes the data does not support this logic. Recent Bitcoin price movements have shown a positive correlation with quantum computing-related stocks like IONQ and D-Wave, rather than an inverse divergence. If quantum computing posed a genuine targeted threat, the related stocks should have risen as Bitcoin fell. The current synchronized decline reflects a broader decrease in market risk appetite for long-term growth assets. Furthermore, Google Trends data shows that increases in related search volume typically follow price increases, not declines, suggesting the topic stems more from market hype than panic selling. (CoinDesk)