A noticeable split in the global sentiment surrounding bitcoin $BTC$70,413.42 is emerging, with institutional investors in the U.S. maintaining their positions while traders abroad are stepping back.
This discrepancy is particularly evident within futures markets. The CME, which serves as a primary venue for hedge funds and institutional trading in the U.S., indicates that traders continue to pay a premium to maintain long positions on bitcoin, as noted by Greg Cipolaro, head of research at NYDIG.
The difference is highlighted on a one-month annualized basis—essentially reflecting the markup for futures compared to spot prices—which remains elevated compared to its offshore counterpart, Deribit.
Cipolaro remarked that “the more significant decline in offshore basis points towards a diminished interest in leveraged long exposure.” He further explained that “the expanding gap between CME and Deribit basis acts as an immediate indicator of geographical risk appetite.”
This month saw bitcoin drop to $60,000 before making a recovery. Some attributed this downturn to increasing fears that quantum computing could jeopardize the cryptographic security of cryptocurrencies. However, NYDIG’s findings do not support this theory.
In fact, bitcoin’s movements have closely mirrored those of publicly listed quantum-computing firms such as IONQ Inc. (IONQ) and D-Wave Quantum Inc. (QBTS). If concerns about quantum risks were genuinely impacting crypto negatively, one would expect those stocks to rise while bitcoin declined.
Contrarily, both have seen declines together—suggesting an overall reduction in interest for long-term assets driven by future expectations. Additionally, data from Google Trends reveals that searches for “quantum computing bitcoin” tend to increase when $BTC‘s price rises.