It is worth noting that currently, almost all USD trading pairs on Binance.US have negative premiums.
2/ Among them, the market price of Bitcoin is 27,540 US dollars, which is 8.6% negative premium compared to the USDT trading pair of Binance Global Station; the market price of Ethereum is 1,704 US dollars, which is 8.4% negative premium compared to the USDT trading pair of Binance Global Station;
3/ This negative premium is not normal for Binance US. Historical trading data shows that the price of the USD trading pair on Binance US has been similar to the price of the USDT trading pair. During the wave of FUD caused by regulatory factors last month, the prices of Bitcoin and other U.S. dollar trading pairs once experienced a positive premium. This should be the American users at that time who were worried that the U.S. dollar assets of http://Binance.US would be frozen, so they chose to convert the U.S. dollars in their hands into crypto assets, thus pushing up the price of the U.S. dollar trading pair.
4/ In just one month, not only has the positive premium been wiped out, but a negative premium of 8% has also appeared. This means that most U.S. users of Binance.US began selling crypto assets regardless of cost and chose to hold U.S. dollars. What signal is hidden behind it?
5/ A reasonable guess is that most US users expect that their crypto assets in http://Binance.US may not be able to be withdrawn for a period of time, so they sell them and exchange them for US dollars. Coupled with the recent collective resignation of Binance’s compliance executives, does it mean that in the SEC’s lawsuit in the United States, the situation of http://Binance.US makes American users feel less optimistic (for example, crypto assets are frozen)?
6/ From another perspective, this also means that in the current market, there is relative excess liquidity in stablecoin trading pairs such as USDT, and changes in the total amount of stablecoins (especially USDT, USDC, and TUSD) have an impact on the secondary market. The impact of price is magnified. The possible direction of the market outlook, in addition to the impact of the ETF news, changes in stablecoins also deserve our attention.
