US Institutions Maintain Bullish Stance on Bitcoin
According to NYDIG Research Director Greg Cipolaro, there is a growing divergence between US institutional investors and offshore traders in the Bitcoin market. The annualized basis of CME Bitcoin futures currently exceeds that of offshore exchanges, indicating that US hedge funds are still willing to pay a premium to maintain long positions.
Signs of Offshore Investor Retreat
In contrast, interest in leveraged long positions on offshore platforms has notably declined, suggesting that overseas investors are adopting a more cautious outlook on Bitcoin’s near-term prospects.
Quantum Computing Threat Lacks Supporting Evidence
Recent market speculation suggested that concerns over quantum computing posed a threat to Bitcoin, contributing to a price drop to $60,000. However, NYDIG argues that the data does not support this claim. In fact, Bitcoin’s price movement has shown a positive correlation with stocks such as IONQ and D-Wave, rather than the inverse relationship one would expect if a genuine threat existed.
A genuine threat would likely cause those stocks to rise as Bitcoin fell. Instead, the current synchronized decline reflects a broader reduction in appetite for growth-oriented assets.
Google Trends Data Reflects Market Sentiment
Google Trends data reveals that spikes in Bitcoin-related search volume typically coincide with rising prices rather than panic-driven selling. This indicates that public interest is driven more by market enthusiasm than fear.