2024.12.20 Market Signal Scan

1. Market Liquidity

The USDT supply decreased by 365 million, marking the largest decrease since July 2023, and market liquidity continues to deteriorate.

2. Market Leverage Ratio

The Bitcoin holdings amount to 662,900 BTC, which shows no significant decline compared to the peak of 667,000 BTC, and is nearly 10% higher than the December low of 603,100 BTC.

Ethereum holdings have seen a slight increase during the decline, currently at 7,382,700 ETH, at a historical high.

The leverage ratio of mainstream coins remains high.

3. ETF Capital Flow

The four indicative Bitcoin spot ETFs, FBTC, ARKB, BITB, and BTC, experienced a total net outflow of 548.8 million USD yesterday, significantly increasing compared to the net outflow on the 17th and 18th.

FETH, ETH, and ETHW, the three indicative Ethereum spot ETFs, had a net outflow of 4.9 million USD yesterday, showing a significant decrease compared to the 30.2 million USD net outflow on the 18th.

Bitcoin ETF selling pressure has surged, while Ethereum ETF selling pressure has decreased.

4. Market Sentiment

The weighted funding rates for Bitcoin and Ethereum are both below 0.01%.

The Binance USDT lending rate has slightly decreased, currently at 11.83%.

Market sentiment continues to remain sluggish.

5. US Buying Demand

Along with the market decline, the Coinbase Bitcoin premium index continues to decrease, and US buying demand continues to weaken.