2024.12.20 Market Signal Scan
1. Market Liquidity
The supply of USDT has decreased by 365 million, marking the largest drop since July 2023, and market liquidity continues to deteriorate.
2. Market Leverage
The Bitcoin holding amount is 662,900 BTC, showing no significant decline compared to the peak of 667,000 BTC, and is nearly 10% higher than the low of 603,100 BTC in December.
The Ethereum holding amount has seen a slight increase during its decline, currently at 7,382,700 ETH, which is at a historical high.
The leverage ratio of mainstream coins remains high.
3. ETF Fund Flow
The four Bitcoin spot ETFs with indicative function: FBTC, ARKB, BITB, and BTC had a combined net outflow of $548.8 million yesterday, significantly increasing compared to the net outflows on the 17th and 18th.
The three Ethereum spot ETFs with indicative function: FETH, ETH, and ETHW had a net outflow of $4.9 million yesterday, showing a noticeable decrease from the net outflow of $30.2 million on the 18th.
The selling pressure on Bitcoin ETFs has sharply increased, while the selling pressure on Ethereum ETFs has decreased.
4. Market Sentiment
The weighted funding rates for Bitcoin and Ethereum are both below 0.01%.
The lending rate for USDT on Binance has slightly decreased, currently at 11.83%.
Market sentiment continues to remain sluggish.
5. U.S. Buying Pressure
Accompanied by the market decline, the Coinbase Bitcoin premium index continues to decrease, and U.S. buying pressure continues to weaken.
