Analysis: Liquidity in the crypto derivatives market continues to improve, and the macro environment continues to be favorable for risky assets

PANews reported on July 2 that QCP Capital, a Singapore-based crypto investment institution, published a statement saying that Bitcoin showed its resilience in the end-of-quarter capital flows, and listed companies continued to increase their holdings of spot goods. Companies have purchased more BTC than ETFs for three consecutive quarters. The SEC has taken frequent actions, approving pledged Ethereum and Solana ETFs, Grayscale's large funds have transformed into ETFs, and plans to formulate common standards to simplify and accelerate the approval process for token ETFs. Corporate crypto asset allocation has accelerated, with Bitmine raising $20 million in private placements to increase its holdings of Ethereum, and DeFi Development raising $100 million to acquire Solana and repurchase shares. In the field of infrastructure, Circle applied for a US license, Robinhood launched new business in Europe, and Trump's crypto mining project raised $220 million.

Market structure shows that the liquidity of the cryptocurrency derivatives market continues to improve. CME's Solana futures open interest reached a record high of 1.75 million contracts, and XRP futures trading volume exceeded US$500 million in the first month. BTC's market share remained at a multi-year high of 65%-66%. Retail investors, early participants and short-term holders seem to have entered a summer break, while institutions have quietly increased their holdings. The market's attention has now turned to the third and fourth quarters, and the position data suggests that the volatility regime may be transformed. The macro environment continues to be favorable for risky assets. Trump confirmed that the Senate passed the "Big America" Act, criticized Powell and hinted at a replacement; the market pricing rate cut exceeded the Fed's expectations, and the Treasury Secretary also released a signal of easing. The US stock market continued to rise due to the recovery of IPOs and the easing of risk expectations. The trend of warming risk appetite has been transmitted to the digital asset field, but the sentiment of the altcoin market is still lagging.