Coinbase: Takes a Cautiously Optimistic View of the Current Market, Speculative Bubble Has Been Deflated
BlockBeats News, December 10, Coinbase Institutional posted on social media, indicating that the market turbulence in November may have set the stage for December's trend. In November, the open interest of BTC, ETH, and SOL perpetual contracts decreased by 16% compared to the previous month; U.S. spot ETFs saw outflows of $3.5 billion for BTC and $1.4 billion for ETH; BTC perpetual contract funding rate briefly dropped below 2 standard deviations from the 90-day moving average before rebounding.
Coinbase Institutional believes that the cautiously optimistic sentiment in the market is due to the speculative bubble having cleared, with the systemic leverage ratio falling from around 10% of the total market value in the summer to 4%–5%, indicating a healthier market structure and making a sharp pullback less likely before the end of the year.
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