Market Signal Scan on December 25

1. Market Liquidity

Market liquidity continues to deteriorate. Following a massive reduction of 734 million on the 21st, this morning the USDT supply saw another significant reduction of 424 million. Both instances of large USDT supply reductions occurred at the peak of Bitcoin rebounds.

2. ETF Fund Flows

The four indicative Bitcoin spot ETFs, FBTC, ARKB, BITB, and BTC, saw a total net outflow of 149.7 million yesterday, slightly less than the previous trading day's net outflow of 191.6 million.

The three indicative Ethereum spot ETFs, FETH, ETH, and ETHW, had a net inflow of 9.7 million yesterday, significantly down from the previous trading day's net inflow of 41.3 million.

From the perspective of ETF fund flows, there is a slight reduction in selling pressure for Bitcoin ETFs, but no reversal has occurred, while buying pressure for Ethereum ETFs has weakened.

3. Market Leverage

Bitcoin leverage has decreased amidst fluctuations and is currently down to 612,800 BTC; Ethereum's current open interest has dropped to 6.675 million ETH, continuing to decrease from yesterday's 6.795 million ETH.

4. Market Sentiment

The funding rates for major coins and USDT lending rates remain low, indicating a sluggish market sentiment.

5. US Buying Pressure

With last night's rebound in Bitcoin, the Coinbase Bitcoin premium index has rebounded somewhat, but it is still in negative territory and below the levels seen during the peak of the Bitcoin rebound on the 21st, indicating that US buying pressure is hard to claim as recovering.

Overall, the current market conditions remain pessimistic, especially with the substantial reduction in USDT supply needing caution.

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