Data: The 24-hour trading volume of Bitcoin and Ethereum contracts decreased by 11.20% and 7.02% respectively

ChainCatcher news, according to Bitget's daily contract market information, the 24-hour trading volume of Bitcoin and Ethereum contracts has significantly decreased, with BTC trading volume down by 11.20% and ETH down by 7.02%. The open interest for both has also declined, with BTC down by 1.16% and ETH down by 0.47%.

Despite a higher number of long liquidations for these two cryptocurrencies, the proportion of short positions is relatively high, specifically reflected in BTC's long-short ratio of 49.37%/50.63% and ETH's ratio of 48.87%/51.13%. The funding rate for ETH is 0.0101%, while BTC's funding rate is 0.0058%. Currently, the total open interest for BTC is $29.71 billion, with a 24-hour contract trading volume of $51.15 billion, 24-hour long liquidations of $30.43 million, short liquidations of $8.47 million, and a long-short ratio of 49.37%/50.63%, with a funding rate of 0.0058%.

The total open interest for ETH is $10.79 billion, with a 24-hour contract trading volume of $19.46 billion, 24-hour long liquidations of $18.11 million, short liquidations of $2.99 million, a long-short ratio of 48.87%/51.13%, and a funding rate of 0.0101%. The top three in open interest surge are PEOPLE ($62.99 million, +75.23%), BB ($19.90 million, +45.07%), and 1000XEC ($5.35 million, +42.28%).

The correlation between Bitcoin and the U.S. stock market has strengthened, with a 90-day correlation reaching 0.17 last week, up from a low of 0.01 in March. In contrast, the correlation between Bitcoin and the European stock index STOXX 600 has remained around zero this year.

Additionally, its correlation with the Chinese stock market, represented by the CSI 300 index, has been negative in 2024, at -0.14. Meanwhile, Bitcoin miners are facing challenges due to low network fees. After the halving, network fees surged, temporarily increasing miners' income and alleviating some financial pressure. However, fees have since declined, putting pressure on miners who are now facing reduced rewards.

This situation may force miners to sell Bitcoin to cover operational costs, potentially impacting market prices. For example, Marathon Digital holds 17,631 BTC, worth over $1.1 billion, while Riot Platforms holds 8,872 BTC, worth over $500 million.