According to analysis by Greg Cipolaro, Head of Research at NYDIG, there is a divergence in sentiment between US institutional investors and offshore traders in the Bitcoin market. Currently, the annualized basis for CME Bitcoin futures is higher than that of the offshore exchange Deribit, indicating that US hedge funds and other institutions still prefer to pay a premium to maintain long positions, while interest in leveraged long-term exposure in the offshore market has clearly declined. Regarding previous market rumors that the "quantum computing threat" caused Bitcoin to fall to $60,000, NYDIG believes the data does not support this logic. Recent Bitcoin price movements have shown a positive correlation with quantum computing-related stocks such as IONQ and D-Wave, rather than an inverse divergence. If quantum computing did pose a targeted threat, related stocks should rise when Bitcoin falls. The current synchronized decline reflects a decrease in the market's overall risk appetite for long-term growth assets. Furthermore, Google Trends data shows that increases in related searches typically rise rather than fall with the price of Bitcoin, suggesting that the topic is more driven by market enthusiasm than panic selling. (CoinDesk)