News

ChainCatcher reports that the latest weekly report from Glassnode points out that the current market conditions are similar to the early stages of the 2022 bear market (also known as the crypto winter). ETF demand continues to weaken, with IBIT experiencing outflows for the sixth consecutive week, marking the longest streak of negative flows since its launch in January 2024. The total redemptions over the past five weeks have exceeded 2.7 billions USD. Derivatives data further confirms the decline in risk appetite. Open interest continues to decrease, indicating a reduced willingness to take on market risk, especially after the flash crash and liquidation event on October 10. Perpetual contract funding rates have remained largely neutral, only briefly turning negative, while the funding premium has also dropped significantly. This suggests a more balanced market environment with reduced speculation. Sentiment in the options market remains cautious, with investors preferring to sell rather than chase upside potential. Earlier this week, as the bitcoin price approached 80,000 USD, put option buying dominated. However, as the price later stabilized, investor panic subsided and capital flowed into call options.

According to a report by Jinse Finance, the latest data from Coingecko shows that the total supply of the US dollar stablecoin USDT, issued by Tether, has surpassed 190 billions, currently reaching 191,099,037,578 tokens (with a circulating supply of 185,632,100,913 tokens), and a market capitalization of $185,680,551,074, setting a new all-time high.