While U.S. institutions continue to maintain a strong stance on Bitcoin, an analysis suggests that overseas traders are exiting their positions. According to the NYDIG research team, distinct regional investment sentiments are clearly reflected in the differences in futures basis between CME and Deribit.

At CME, U.S. hedge funds and institutions are still willing to pay a premium to maintain long Bitcoin positions. Meanwhile, the basis in overseas markets is falling more sharply, indicating waning interest in leveraged positions. Bitcoin, which dropped to $60k earlier this month, has rebounded and is now trading around $73,940, and it’s interesting to see differing supply and demand sentiments across regions even during this recovery.

Initially, there were concerns that quantum computing might threaten cryptocurrency security, which was thought to be a reason for selling. However, NYDIG’s analysis suggests that’s not the case. Instead, stocks related to Bitcoin and quantum computing both declined together. If quantum risks had been a real issue, the stock prices of those companies would have risen while Bitcoin fell. Ultimately, it appears to reflect a broader weakening of investment sentiment toward future assets.