Analysis: U.S. institutions remain optimistic about BTC, while overseas investors are withdrawing

According to CoinDesk, based on the analysis by NYDIG's research director Greg Cipolaro, there is a divergence in sentiment between U.S. institutional investors and offshore traders in the Bitcoin market.

Currently, the annualized basis of CME (Chicago Mercantile Exchange) Bitcoin futures is higher than that of the offshore exchange Deribit, indicating that U.S. hedge funds and other institutions still prefer to pay a premium to maintain long positions, while interest in leveraged long positions in the offshore market has significantly decreased.

In response to previous market rumors that the "quantum computing threat" caused Bitcoin to drop to $60,000, NYDIG believes that the data does not support this logic. Recently, Bitcoin's 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 indeed poses a targeted threat, related 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 an increase in related search volume typically accompanies a rise in coin prices rather than a decline, indicating that the topic is more driven by market enthusiasm rather than panic selling.