2024.12.24 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 indicative Bitcoin spot ETFs: FBTC, ARKB, BITB, and BTC, had a total net outflow of $191.6 million yesterday, which is significantly less than the net outflow of $548.8 million on the 19th, but shows a slight increase compared to the net outflow of $152.5 million on the 20th.
The three indicative Ethereum spot ETFs: FETH, ETH, and ETHW, saw 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 flows, Bitcoin ETFs still face significant selling pressure, while Ethereum ETFs show a notable recovery in buying.
3. Market Leverage
The total positions in Bitcoin across the network increased from a low of 618,900 BTC (position level on December 22) to the current 646,400 BTC, indicating a significant rebound in leverage;
The total positions in Ethereum across the network are currently 6,795,000 ETH, the lowest level since the market correction, although its leverage remains at a relatively high level.
4. Market Sentiment
The funding rates for major coins and the borrowing rates for USDT are at low levels, reflecting a gloomy market sentiment.
5. U.S. Buying
The Coinbase Bitcoin premium index has continued to decline since the rebound ended on the 21st, currently below the level on the 20th, indicating persistent weakness in U.S. buying.
Overall, the market conditions are still not optimistic, but the recovery in Ethereum ETF buying is notable, and it is expected that future trends will be stronger than Bitcoin.
