隨着交易所持有的 USDT 餘額激增，Bitcoin槓桿率下降
CryptoQuant 數據揭示了對Bitcoin市場現狀的新見解。數據顯示，Bitcoin槓桿正在放鬆，交易所持有的USDT餘額正在激增。該數據可能給人的印象是，隨着 USDT 抵押品的增加，級聯清算風險可能會降低。
CryptoQuant 創始人兼首席執行官 Ki Young Ju 分享了有關Bitcoin生態系統當前市場狀況的寶貴見解。這位高管表示，Bitcoin市場顯示出級聯清算風險下降的跡象，BTC-USDT 期貨的未平倉合約目前較 11 月 21 日創下的歷史新高下降了 7%。 BTC-USDT 期貨未平倉合約的減少表明槓桿頭寸可能會減少，這可能會導致市場環境更加穩定。
CryptoQuant 數據顯示，交易所持有的 USDT 餘額增加
#Bitcoin市場的槓桿作用正在減弱。
BTC-USDT 期貨持倉量較峯值下降 7%，而交易所持有的 USDT 餘額一個月內飆升 32%。
如果存入的USDT用於期貨交易，則更多的USDT抵押品可以降低級聯清算風險。 pic.twitter.com/ASOUIH0x5U
—奇永珠 (@ki_young_ju) 2024 年 12 月 11 日
Ki Young Ju also noted that USDT balances held in exchanges have risen by 32% in the last month. The executive highlighted that the USDT could be used as collateral for futures trading positions on the exchanges, therefore reducing cascade liquidation risks. The broader crypto market views the rising exchange-held USDT balances as a potential buffer against selling pressure from market participants.
According to additional data from the blockchain analytics firm, the leverage ratio, which divides global futures open interest by the number of coins held on exchanges, has also been declining since November 25th.
The metric has been on a progressive surge since August 12th, peaking at $0.2459 before dipping to $0.2237 as of December 10th. The recent decline in the Bitcoin Estimated Leverage Ratio shows a prevailing trend developing among investors toward lower leverage in the futures market.
Bitcoin reserves in centralized exchanges decline to ATLs
Meanwhile, data from CryptoQuant also shows that Bitcoin reserves in all centralized exchanges have declined to an all-time low of 2.4 million BTC. The data also shows that the exchange reserves have been steadily declining since the beginning of the year.
Declining reserves indicate higher buying pressure, and investors are confident about the prevailing bullish market sentiment. The data also shows that investors prefer holding their assets in non-custodial wallets, showing more demand for Bitcoin.
Bitcoin demand is also evident on the U.S. spot Bitcoin exchange-traded funds, which currently hold $107.76 billion worth of Bitcoin, according to Sosovalue.
Bitcoin has risen 4.72% in the last 24 hours and 4.75% in the last seven days. According to CoinMarketCap, the crypto asset is currently retailing at $100,434 with a market cap of $1.988 trillion and a 24-hour trading volume of $95.6 billion.
TradingView also shows the asset trading between $104,082 and $90,589. However, the bulls appear to be in control of the market, and the asset is more likely to break the range and continue its upward trajectory that started in mid-September. The asset may find resistance at the top of the range, causing liquidations that may drive prices towards the bottom.
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