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

According to 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 exposure in the offshore market has significantly declined.

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 performance has shown a positive correlation with quantum computing-related stocks such as IONQ and D-Wave, rather than an inverse divergence. If quantum computing indeed posed 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 rising coin prices rather than falling prices, indicating that the topic stems more from market enthusiasm than from panic selling.