Market Signal Scan

1. Liquidity

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

2. ETF Fund Flows

The four indicator Bitcoin spot ETFs—FBTC, ARKB, BITB, and BTC—saw a total net outflow of $191.6 million yesterday. Although this is significantly less than the net outflow of $548.8 million on the 19th, it has slightly increased compared to the net outflow of $152.5 million on the 20th.

The three indicator Ethereum spot ETFs—FETH, ETH, and ETHW—saw a net inflow of $41.3 million yesterday, nearly doubling compared to the $21.1 million net inflow on the 20th.

From the perspective of ETF fund flows, Bitcoin ETFs are still under significant selling pressure, while Ethereum ETFs show a clear recovery in buying interest.

3. Market Leverage Ratio

The total open interest for Bitcoin has increased from a market pullback low of 618,900 BTC (open interest on December 22) to the current 646,400 BTC, indicating a significant rebound in the leverage ratio;

The total open interest for Ethereum is currently 6.795 million ETH, which is the lowest level after the market pullback, although its leverage ratio remains at a relatively high level.

4. Market Sentiment

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

5. U.S. Buying Interest

The Coinbase Bitcoin premium index has continued to decline since the rebound ended on the 21st and is now below the level on the 20th, indicating persistent weakness in U.S. buying interest.

Overall, the current market conditions remain pessimistic; however, the recovery in Ethereum ETF buying indicates that the subsequent trend is expected to be stronger than that of Bitcoin.