Odaily Planet Daily reports that according to NYDIG research director Greg Cipolaro, 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 that of offshore exchange Deribit, indicating that U.S. hedge funds and other institutions still prefer to pay premiums to maintain long positions, while interest in leveraged long exposure in the offshore market has significantly declined.
In response to previous market rumors that “quantum computing threats” caused Bitcoin to drop to $60,000, NYDIG states that the data does not support this logic. Recently, Bitcoin’s price movement has shown a positive correlation with quantum computing-related stocks such as IONQ and D-Wave, rather than a reverse divergence. If quantum computing truly posed a targeted threat, these stocks should rise when Bitcoin falls. The current synchronized decline reflects a general decrease in market risk appetite for long-term growth assets. Additionally, Google Trends data shows that increased search volume for related topics usually correlates with rising rather than falling prices, indicating that the topic is more driven by market hype than panic selling. (CoinDesk)
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