Data: The 24-hour trading volume of Bitcoin and Ethereum contracts decreased by 11.20% and 7.02%

ChainCatcher news, according to Bitget's daily contract market information, the 24-hour trading volume of Bitcoin and Ethereum contracts has significantly declined. Specifically, BTC's trading volume decreased by 11.20%, while ETH decreased by 7.02%. The open interest of both also fell, with BTC decreasing by 1.16% and ETH decreasing by 0.47%.

Despite a large number of liquidations on the long side for these two cryptocurrencies, there is a higher proportion of short positions. This is reflected in the long-short ratio for BTC at 49.37%/50.63%, and for ETH at 48.87%/51.13%. The funding rate for ETH stands at 0.0101%, while that for BTC is at 0.0058%. Currently, the total amount of open interest contracts for BTC is $29 billion USD; its contract trading volume over the past day was $51 billion USD; it had $30 million USD in long liquidations and $8 million USD in short liquidations; its long-short ratio stood at 49:37/50:63%; its funding rate was set at .0058%.

The total amount of open interest contracts for ETH stands at approximately $10 billion USD; its contract trading volume over the past day was around $19 billion USD; it had about $18 million dollars worth in long liquidations and roughly three million dollars worth in short liquidations; its long-short ratio stood as follows: Long -48:87/Short-51:13%; Its funding rate came out to be .0101%. The top three increases in open interest were PEOPLE ($62 million dollars +75%), BB ($19 Million Dollars +45%) 1000XEC($5 Million Dollars+42%).

Bitcoin’s correlation with U.S stock markets has strengthened recently with a ninety-day correlation reaching up to .17 last week which surpasses the low point of .01 in March. In contrast, Bitcoin’s correlation with Europe's STOXX 600 index has remained around zero this year.

Moreover, its correlation with China's stock market represented by the CSI 300 Index was negative throughout 2024 at -0.14. Meanwhile, Bitcoin miners are facing challenges due to low network fees. After halving, network fees soared which temporarily increased miner income and alleviated some financial pressure on them. However, subsequent fee reductions have put pressure on miners who are now dealing with reduced rewards.

This situation may force miners to sell Bitcoin to cover operating costs which could potentially affect market prices. For instance, Marathon Digital holds 17,631 BTC worth over $1 billion USD while Riot Platforms holds 8,872 BTC valued at more than half a billion dollars.