I see in the market today that there is a significant difference in sentiment between US institutional traders and offshore players. The futures basis on CME still shows high demand for long positions in Bitcoin, while Deribit is changing its basis as offshore traders' interest declines. It’s like two different worlds happening in BTC prices.

This futures basis spread is a good indicator of regional risk appetite. While Bitcoin rose and fell over the past week, I noticed its movement follows the trajectory of quantum computing stocks like IONQ and D-Wave. This isn’t about a quantum threat to crypto itself—if that were true, BTC would be crashing while tech stocks rise. But they’re falling together, so there’s a broader story here beyond a specific risk factor.

Meanwhile, XRP dropped quickly from $1.36 to $1.33 in one day due to heavy volume. That’s aggressive selling, not just thin liquidity movement. The sentiment basis in the crypto market has really shifted this week. It’s worth monitoring where we’re heading next in this setup.