Wall Street Remains Bullish on Bitcoin While Offshore Traders Retreat

Bitcoin’s derivatives market is sending a mixed signal. NYDIG points out that U.S.-linked venues still show a strong appetite for long positions, while offshore platforms are turning increasingly cautious.

Geographic Divide

The clearest indicator is the futures-spot basis spread. On U.S. venues like CME, futures premiums have held relatively firm, while basis on offshore platforms has compressed. A firmer basis typically signals that traders are still willing to pay carry to keep leveraged longs open, while a softer basis suggests reduced appetite for that kind of exposure.

This matters because when positioning gets concentrated on one side of the market, price swings tend to amplify. If offshore liquidity stays thin while U.S. traders pile in, any sentiment shift could trigger sharper moves than usual.

Quantum Сomputing Fails to Match Market Behavior

Bitcoin's dip earlier this month sparked speculation about the risks of quantum computing to crypto security. But the actual market behavior doesn't support that narrative.

BTC moved in sync with quantum-related stocks like IonQ and Rigetti during the same period, more consistent with a broad selloff in speculative tech than crypto-specific panic. Google searches for "quantum bitcoin" also spiked after the price drop, not before, suggesting the chatter was reactive rather than causal.

Leverage Demand Shows Signs of Rebuilding 

While offshore traders have been more restrained, broader derivatives markets have shown signs of leverage returning as conditions stabilized. Basis levels on several major venues have widened from recent lows, suggesting traders are again paying up for exposure, but the recovery appears uneven, reinforcing the idea that risk-taking is being led more by U.S.-linked flows than by offshore participants.