随着交易所持有的 USDT 余额激增，Bitcoin杠杆率下降
CryptoQuant 数据揭示了对Bitcoin市场现状的新见解。数据显示，Bitcoin杠杆正在放松，交易所持有的USDT余额正在激增。该数据可能给人的印象是，随着 USDT 抵押品的增加，级联清算风险可能会降低。
CryptoQuant 创始人兼首席执行官 Ki Young Ju 分享了有关Bitcoin生态系统当前市场状况的宝贵见解。这位高管表示，Bitcoin市场显示出级联清算风险下降的迹象，BTC-USDT 期货的未平仓合约目前较 11 月 21 日创下的历史新高下降了 7%。 BTC-USDT 期货未平仓合约的减少表明杠杆头寸可能会减少，这可能会导致市场环境更加稳定。
CryptoQuant 数据显示，交易所持有的 USDT 余额增加
#Bitcoin市场的杠杆作用正在减弱。
BTC-USDT 期货持仓量较峰值下降 7%，而交易所持有的 USDT 余额一个月内飙升 32%。
如果存入的USDT用于期货交易，则更多的USDT抵押品可以降低级联清算风险。 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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