Market Signal Scan

1. Liquidity

The supply of USDT has not changed in the past 24 hours, and there are still no signs of improvement in market liquidity.

2. ETF Fund Flow

The four Bitcoin spot ETFs with indicative roles: FBTC, ARKB, BITB, and BTC had a total net outflow of $191.6 million yesterday. Although this is significantly lower than the net outflow of $548.8 million on the 19th, it is slightly higher than the net outflow of $152.5 million on the 20th.

The three Ethereum spot ETFs with indicative roles: FETH, ETH, and ETHW had a net inflow of $41.3 million yesterday, nearly doubling compared to the net inflow of $21.1 million on the 20th.

From the perspective of ETF fund flow, there is still significant selling pressure on Bitcoin ETFs, while there is a noticeable recovery in buying for Ethereum ETFs.

3. Market Leverage

The total open interest in Bitcoin across the network has increased from a low of 618,900 BTC (open interest on December 22) to the current 646,400 BTC, indicating a significant recovery in leverage;

The total open interest in Ethereum across the network is currently 6.795 million ETH, which is the lowest level after the market correction, yet its leverage remains at a high level.

4. Market Sentiment

The funding rates for mainstream coins and the borrowing rates for USDT are both at low levels, indicating a sluggish market sentiment.

5. US Buying

The Coinbase Bitcoin premium index has continued to decline since the end of its rebound on the 21st, currently below the level on the 20th, indicating continued weakness in US buying.

Overall, the current market conditions remain pessimistic, but there is a noticeable recovery in buying for Ethereum ETFs, and the subsequent trend is expected to be stronger than Bitcoin.