Original - Odaily

Author - 0xAyA

Although the news of Bitcoin spot ETF continues to play out the story of crying wolf, the total crypto market value has actually increased, and the price of Bitcoin has also exceeded the US$35,000 mark stimulated by various good news, setting a record 16-month high.

With the entire crypto community chanting Bull Return, are there new incremental funds flowing into the market? Odaily statistics have compiled various data in the recent period and compiled them for you as follows.

BTC positions

For changes in BTC holdings, please refer to@Phyrex_NiAccording to the data provided, the overall trend of small-scale investors (holdings less than 100 BTC) is still underweight. Although small-scale investors in the middle once turned into the main force of buying before more certain good information, it can be clearly found that after the DTCC-related events began, these investors quickly cleared their newly entered chips, while high-net-worth investors ( Users holding more than 100 BTC) are almost all in the trend of increasing their holdings.

From the detailed data analysis, it can be clearly seen that the positions of small-scale investors have been decreasing since October 16th. In particular, investors with positions between 10 and 100 BTC are the main force in reducing their holdings. On the contrary, high-net-worth investors have been increasing their holdings. During this period, although investors with positions of more than 10,000 coins have a tendency to reduce their holdings, the amount of reduction is not high, and it cannot be ruled out that it is due to changes in positions on the exchange.

Taken together, the overall attitude of investors on the market towards holding BTC spot is still relatively ambiguous - long-term holders are more willing to hold and invest in spot due to time scale reasons, and the good news does have an impact. When it comes to the decision-making of large investors, it is not surprising that they make the decision to increase their holdings. However, short-term holders are still faced with an uncertain market environment and the impact of the recent turbulent international situation. They still tend to quick in and quick out in decision-making, indicating that the market still has disagreements about the future trend of BTC. , do not rush to make a decision to invest heavily.

Inflow of financial products

Digital asset investment products attracted $66 million in inflows last week, marking a fourth consecutive week of net inflows, according to data analysis published by CoinShares. Total AUM across these products has now grown to $33 billion, with total inflows reaching $179 million over the past four weeks. Following the recent price gains, total assets under management for these products have increased 15% since the lows in early September and are now close to hitting their highest since mid-August.

While the recent inflows may be related to the launch of the U.S. Spot Bitcoin ETF, they are relatively low compared to BlackRocks initial inflows after announcing the products launch in June - which saw four consecutive weeks of inflows. The total is $807 million. This suggests that despite the positive news from Grayscale and the SEC court ruling, investors are being more cautious this time around.

84% of that flow went into Bitcoin investment products, bringing year-to-date inflows to $315 million. While Bitcoin short positions increased to $23 million early last week on rising prices, those positions were significantly reduced at the end of the week, with net inflows totaling just $1.7 million, suggesting short sellers are losing confidence.

Ongoing concerns about Ethereum led to $7.4 million in outflows, the only cryptocurrency to see outflows last week. In stark contrast, Solana attracted $15.5 million in inflows last week, bringing year-to-date inflows to $74 million, or 47% of total AUM.

EDX Markets, which is supported by Fidelity, Charles Schwab and Citadel Securities, launched its digital asset market in June this year. In addition, Japanese banks such as Mitsubishi UFJ have been actively involved in the exploration of crypto trusts and stable coins. It is not difficult to see that traditional institutions are interested in cryptocurrencies. Interest in crypto assets, and part of the layout has been done. For these OTC institutions that are close enough to policies and news, choosing OTC compliant financial products or directly issuing ETFs themselves is a good choice.There is reason to believe that this rise can be seen more as a small trial for these institutions.

Stablecoin

According to DefiLlama data, the current total market value of stablecoins reaches US$124.4436 billion, of which USDT accounts for 67.78%. The total market value of stablecoins increased by 0.67% in the past week. The number of stablecoins flowing into CEX has increased, but compared with the same period last year The magnitude is still not huge.

In terms of USDC, as of October 27, Circle has issued a total of approximately US$1.4 billion USDC and redeemed approximately US$1.1 billion USDC in the past seven days. The circulation has increased by approximately US$400 million, while the market value of TUSD has increased by approximately US$390 million. Or so, which means at least nearly $800 million has flowed into the crypto market.

In terms of large-amount stablecoin inflows, USDT, USDC and other stablecoins entering CEX have increased in the past 7 days. For example, the USDT flowing into Binance has increased by 200 million in 7 days, an increase of approximately 3.96%; USDC has increased by 87 million US dollars, an increase of approximately 8.96%. %. Taken together, the net inflow of stablecoins into exchanges has increased, but the increase is still far from enough compared with the fluctuations in the market. The author prefers that stablecoins do not play a major factor in this pull. Rather, it exists as the “icing on the cake”.

CME Open Interest

CME BTC futures exceeded the 100,000 BTC mark for the first time on October 23. Open interest continues to rise, and the market share of CME Bitcoin derivatives contracts (25%) is quickly approaching Binance (29%) ), the one-month BTC futures premium has also reached 13%, indicating that some OTC investors are indeed sending funds to the market through CME, and the long sentiment is strong.

The open interest of Bitcoin and Ethereum has also returned to close to 2022 levels. Between the beginning of the year and August, CME Bitcoin futures and options trading volume increased by 154% year-on-year, while open interest increased by 87%, and Bitcoin has also been on an upward trend since the beginning of the year, indicating that the traditional market Increased investor interest in these two cryptocurrencies is partly a sign of the market’s bullish confidence in Bitcoin in the coming period.

To sum up, the information that can be obtained through the data plane is as follows:

• Investors on the market still have disagreements about the market, but the market trend in the future is not mainly determined by the market;

• OTC capital inflows are biased toward BTC and Altcoin, which have potential. Traditional financial institutions have already positioned themselves or deployed certain positions in advance, but are still waiting for clearer signals to be issued.

Odaily reminds that this article is only a statistical analysis of historical situations and is not an investment guidance recommendation for subsequent market trends.