2024.12.24 Market Signal Scan
1. Liquidity
In the past 24 hours, the USDT supply has remained unchanged, and there are still no signs of improvement in market liquidity.
2. ETF Fund Flows
The four Bitcoin spot ETFs that serve as indicators, FBTC, ARKB, BITB, and BTC, experienced 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 shows a slight increase compared to the net outflow of $152.5 million on the 20th.
The three Ethereum spot ETFs that serve as indicators, FETH, ETH, and ETHW, had a net inflow of $41.3 million yesterday, almost doubling from the net inflow of $21.1 million on the 20th.
In terms of ETF fund flows, Bitcoin ETFs still face significant selling pressure, while Ethereum ETFs show a clear recovery in buying.
3. Market Leverage
The total open interest for 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 rebound in leverage;
The total open interest for Ethereum across the network is currently 6,795,000 ETH, the lowest level since the market correction, although its leverage remains at a high level.
4. Market Sentiment
The funding rates for major coins and the borrowing rates for USDT are both at low levels, indicating weak market sentiment.
5. US Buying
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, with US buying remaining sluggish.
Considering all market signals, the current market situation is still not optimistic. However, the buying in Ethereum ETFs has shown a clear recovery, and it is expected that the subsequent trend will be stronger than that of Bitcoin.
