Opinion: Bitcoin's Correlation with the US Stock Market or the Illusion Created by Market Makers

On April 5th, as per official information, X.me intends to incorporate digital wallet services in order to offer a more secure encrypted asset storage solution and enhance user service. To achieve this, X.ME has formed a partnership with the cryptocurrency service provider BKT Solutions to make use of its technical support and industry expertise to guarantee the provision of secure and reliable encrypted asset storage services. In the days to come, X.me and BKT Solutions will engage in more in-depth cooperation in the realm of cryptocurrency.

On April 5th, according to data from DefiLlama, the net inflow of funds into Ethereum Layer 1 cross-chain bridges reached $3.4503 billion within the past week, outpacing other public blockchains. Closely following are Arbitrum and Noble, with net inflows of $2.9104 billion and $19.79 million, respectively. Bera, Sei, and BSC witnessed net outflows of $2.92 billion, $33.21 million, and $30.70 million, respectively.

On April 5th, according to Coinglass data, the total open interest of Bitcoin futures contracts on the network amounts to 638,920 BTC (approximately $53.5 billion). Among them, the open interest of CME Bitcoin futures is 140,510 BTC (approximately $11.76 billion), ranking first. The open interest of Binance Bitcoin futures is 106,390 BTC (approximately $8.91 billion), ranking second.

On April 5th, according to Coinglass data, the current funding rates of mainstream CEX and DEX show that the cryptocurrency market has returned to a neutral state, no longer being overwhelmingly bearish but also not being bullish. The specific funding rates for mainstream coins are shown in the attached image. BlockBeats Note: The funding rate is a fee set by cryptocurrency trading platforms to maintain the balance between the contract price and the underlying asset price. It is usually applicable to perpetual contracts and serves as a fund exchange mechanism between long and short traders. The trading platform does not collect this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it represents the baseline rate. When the funding rate is greater than 0.01%, it indicates a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally

On April 5th, according to DefiLlama data, the current total market capitalization of stablecoins is stated to be $2351.01 billion. There has been a 0.71% growth in the past 7 days. Among them, the market dominance of USDT is 61.56%.

On April 5th, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has issued new regulations clarifying that certain stablecoins are not regarded as securities and may be exempt from trading reporting requirements. Some analysts think that the stablecoins covered by the new SEC rules may not encompass the stablecoin issued by Tether. This is because the SEC states that acceptable reserves for stablecoins do not include precious metals or other cryptocurrencies, both of which are included in Tether's reserves. Moreover, the SEC also mandates that any token must be redeemable at any time for U.S. dollars. However, Tether's terms of service indicate that there may be minimum redemption amounts or delays in the redemption process.