Victory Securities: Bitcoin contract holdings on exchanges are at a historical high, indicating that capital remains in the market

Odaily Odaily News: Zhou Lele, deputy chief operating officer of Shengli Securities, pointed out in an article that the over-the-counter Bitcoin ETF outflow last week was about $706 million, and the Ethereum ETF outflow was about $98 million. Despite the outflow of funds, if the market sentiment remains positive, it may only be a temporary adjustment rather than a change in the long-term trend; the Bitcoin contract holdings of the exchange are at a historical high, which usually means that capital remains on the market, showing traders' firm commitment to the market. This dynamic of funds may be a sign of market participants' recognition of the current price level and a medium- and long-term optimism about the second half of the bull market. From a fundamental perspective, the labor market data contradicts each other, perhaps due to different statistical calibers. Last week, the number of non-farm payrolls was 142,000, lower than expected, while the unemployment rate was in line with expectations. Since the statistical caliber is household, it is difficult to include immigrants in the sample, so the country's labor market is likely to be occupied by overseas immigrants. This will affect the market's confidence in the US economy, reduce investors' risk appetite, and is not conducive to risky assets. (East Net)