ChainCatcher news, according to Cointelegraph, as the meme coin scandals continue to rise, market sentiment has declined, and traders are increasingly preparing for a drop in SOL. According to data from the data service Coinalyze, on February 17, the long-to-short ratio for SOL on cryptocurrency futures exchanges fell from 4 to 2.5, indicating that the overall market is leaning bearish on SOL.Anonymous crypto KOL Tyler Durden posted on X, stating: "The market has decided to vent its anger on Solana." Durden cited data from Binance's perpetual futures trading platform, indicating that Binance's SOL short-to-long position ratio has risen to 4:1, suggesting an excessive bearish bet.

ChainCatcher message, on-chain data analysis platform Glassnode analysis shows that the speculation enthusiasm in the Bitcoin futures market is weakening. The medium-term trend line (30-day moving average) has slightly declined after peaking, and the short-term trend line (7-day moving average) has fallen below the medium-term line, indicating that traders are gradually closing positions amid increasing market uncertainty.

ChainCatcher message, CryptoQuant research director Julio Moreno stated: "Bitcoin plummeted to $88,000 yesterday, mainly driven by deleveraging in the futures market, but spot demand remains strong. As prices fell, the number of open contracts decreased, indicating that long positions in the futures market were liquidated. The funding rate also declined."

ChainCatcher news, on-chain analytics company Glassnode stated that the Bitcoin market is still in a long-term consolidation phase, which is very similar to the period from late 2019 to early 2020.Since the historical peak in March, the capital inflow into the Bitcoin network has slowed down, posing challenges to the profitability of short-term holders. However, despite experiencing local net capital outflows, new investors' confidence in the market remains quite strong, and a very mild bullish preference has also emerged in the perpetual futures market in recent weeks.

ChainCatcher message, Matrixport released a chart stating that although Bitcoin rebounded by 10% in the past week, the funding rate has turned negative, indicating that this rally is primarily driven by buying in the spot market rather than leveraged trading in the futures market.If prices continue to rise, futures traders may turn bullish, pushing the funding rate back to positive, which could further drive up prices. Currently, it seems that short-term futures traders are not yet prepared for a market breakout, but the steady increase in spot buying may force them to change their stance and turn bullish.

ChainCatcher message, analyst Burak Kesmeci on CryptoQuant pointed out in a report on September 12 that the funding rate for Ethereum (ETH) needs to rise above 0.015 to confirm a potential significant price increase signal. The current funding rate is approximately 0.0056%, which is comparable to the levels seen in September of last year.Kesmeci stated: "The rise in funding rates is crucial for observing healthy growth in a bull market. Support from the futures market plays an important role in this increase."

ChainCatcher news, the CEO of the Bitcoin mining company Barefoot Mining, Bob Burnett, stated that as Bitcoin becomes increasingly prevalent in the global economy, the demand for access to block space at certain times and dates will rise. This demand will give rise to a block space futures market, where mining companies will offer their product (block space) to bidders who need access to the Bitcoin network for transactions.This will change the concept of the actual value of blocks, shifting from its financial value (fees + subsidies) to a more scarce and limited resource, considering that several companies and high-value individuals and offices will need access to it to complete critical transactions. This situation will stabilize the revenue of Bitcoin mining companies, which will benefit from transaction fees rather than subsidies over the next 15 years.Bob Burnett stated that as Bitcoin becomes essential for companies and nation-states, the value of Bitcoin block space will be regarded as an indispensable scarce commodity.

ChainCatcher news, CryptoQuant stated that in the past three weeks, Bitcoin has experienced an adjustment of about 15%, dropping from the $70,000 range to the $60,000 range. With a significant pullback in Bitcoin yesterday, possible signs of a local bottom have emerged:Futures market: Open interest has decreased by about $3 billion in the past three weeks, mainly due to long positions being liquidated. The funding rate for perpetual contracts has dropped to near zero, indicating a more balanced relationship between buyers and sellers, thus forming a healthier and less overly optimistic price structure.Short-term holders: The price has exceeded the realized price of short-term holders (STH), which is $62,600. Currently, the average profitability of short-term holders is slightly negative, and historically, this has been a support point during local corrections in an upward trend.In recent months, an important factor influencing price movements has been U.S. macroeconomic data, as uncertainty about the future of U.S. monetary policy affects investors' risk appetite. On Thursday, we will see GDP and initial jobless claims data, followed by inflation data (PCE) on Friday, which are expected to influence market sentiment in the short term. However, from the current structure, a local bottom may emerge.

ChainCatcher news, according to The Block, CF Benchmarks Chief Research Analyst Gabriel Selby stated that the Bitcoin spot ETF has driven an 80% increase in CME Bitcoin futures open interest year-to-date.It is reported that the increase in open interest can be attributed to the basis trading between the Bitcoin spot ETF and CME futures contracts to facilitate arbitrage opportunities. This activity by institutional investors can enhance Bitcoin's liquidity and lay the foundation for a stronger and more interconnected market ecosystem.

ChainCatcher news, according to The Block, Glassnode analysts stated on Wednesday that a major factor influencing the demand-side pressure for U.S. spot ETFs is the adoption of cash-and-carry arbitrage strategies by institutional traders. As traders buy Bitcoin spot and immediately hedge by selling Bitcoin futures, this can alleviate the immediate upward pressure on spot prices. This spot arbitrage trading structure appears to be an important source of ETF demand. ETFs are used as a tool to gain long spot exposure, while at the same time, the net short positions in Bitcoin on the Chicago Mercantile Exchange's futures market are continuously increasing.Glassnode analysts stated: "Futures market data shows that open interest has stabilized above $8 billion, having previously reached a historical high of $11.5 billion in March 2024. This may indicate that more and more traditional market traders are adopting cash-and-carry arbitrage strategies."

ChainCatcher news, according to CryptoSlate, Cboe Vice President and Global Head of ETF Listings Rob Marrocco believes that before changes in the market and regulatory environment occur, it is unlikely that crypto ETFs other than Bitcoin and Ethereum will emerge.Marrocco stated in the ETF Store podcast on June 11 that the market's expectations for Solana and XRP spot ETFs are unrealistic in the short term, as these cryptocurrencies do not have futures markets, which is a key factor in the approval of Bitcoin and Ethereum spot ETFs.He added that this means the only viable way to bring a Solana ETF to market is to first launch a Solana futures ETF, paving the way for a spot ETF.Marrocco further stated that even with the introduction of a Solana futures ETF, they would need to trade for a long time to establish a good track record. However, this process may take quite a long time to yield results.

ChainCatcher news, according to CoinDesk, despite the inflows into Bitcoin spot ETFs listed in the U.S. reaching an all-time high, the Bitcoin spot price continues to fluctuate within a narrow range. The ETF inflows seem to be part of a non-directional cash and arbitrage strategy, and do not necessarily represent a thorough bullish bet.Anonymous market observer CMS Holdings stated on X: "Entities buy the ETF and sell 'CME' futures to reduce the basis in some major markets, allowing entities to realize net profits, which is also why ETF inflows are high, but the spot remains relatively unchanged."It is reported that this strategy is commonly referred to as cash arbitrage, aimed at profiting from the premium of the futures market relative to the spot market.

ChainCatcher message, Binance will update the coin-margined futures market maker program at 8:00 AM Beijing time on June 17, and will remove the "weekly market-making score ranking" review from the coin-margined futures market maker program.Starting from 12:00 PM on June 25, the maker fee for level 3 market maker accounts will be updated to -0.012%. For users who meet the program standards under the new rules, the maker fee rebate will be updated around 12:00 PM on June 25.

According to ChainCatcher news, Synthetix announced the launch of 14 new perpetual futures markets on Base.The new markets include Bittensor (TAO), Chainlink (LINK), GMX (GMX), Injective Protocol (INJ), Axelar (AXL), Sui (SUI), Etherfi (ETHFI), Celestia (TIA), Stacks (STX), Arkham (ARKM), Toncoin (TON), Pendle (PENDLE), Gala (GALA), and Book of Meme (BOME). These markets were approved in SIP-370, SIP-372, SIP-375, SIP-379, and SIP-380, and configurable values were set by SCCP-327.

ChainCatcher news, Coinbase International Exchange announced that it has launched 15 perpetual futures, covering more than 70% of the perpetual futures market.

ChainCatcher message, Bitget announced that it will regularly release transparency reports, adhering to the principles of openness, customer-centricity, and long-termism. The report disclosed a series of relevant data. In terms of security construction, Bitget's reserve ratio increased from 223% on December 20, 2022, to 246% on April 3, 2023, and the value of the Bitget protection fund rose from $300 million at its inception to $380 million.According to the data, the total trading volume in Bitget's spot and futures markets reached $59 billion and $658 billion, respectively, with spot trading growing by 8% quarter-on-quarter and futures trading growing by 27%. The number of BGB holders increased by 146% within three months. In the first quarter of 2023, users generated a total profit of $41 million through copy trading on Bitget.According to data from TokenInsight, Bitget ranked 4th in TokenInsight's exchange rankings, with BGB increasing by as much as 120% in the first quarter of 2023, outperforming Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), as well as all other exchange platform tokens. (Source link)

ChainCatcher news, Justin Sun tweeted in response to the HT abnormal fluctuations, "Huobi is safe and operating normally. The recent market fluctuations and leveraged liquidations are due to a small number of users triggering a series of forced liquidations in the spot market and HT contract market. Currently, all work is progressing steadily, and there have been no sudden incidents; these fluctuations are merely the result of market behavior."Earlier, according to Huobi market data, within 6 minutes starting at 5:00 AM, the HT token rapidly dropped from 4.3485 USDT to 0.3138 USDT, with a decline of nearly 93% in 6 minutes. It then quickly rebounded, currently quoted at 3.8542 USDT, down 20.12% in 24 hours. Due to significant market fluctuations, ChainCatcher reminds investors to manage risks. (source link)