Wall Street remains bullish on bitcoin while offshore traders retreat

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Wall Street remains bullish on bitcoin while offshore traders retreat The difference in futures basis between CME and Deribit reflects varying risk appetite across regions. By Francisco Rodrigues , AI Boost | Edited by Sheldon Reback Feb 15, 2026, 12:00 p.m. Make us preferred on Google (Anne Nygård/Unsplash/Modified by CoinDesk) What to know : U.S. institutional investors are maintaining their leveraged positions in bitcoin while offshore traders are reducing exposure, NYDIG found. The difference in futures basis between CME and Deribit reflects varying risk appetite across regions. Bitcoin’s price movement aligns with quantum computing stocks, suggesting a broader market trend rather than a specific quantum risk factor. A divergence in global bitcoin BTC $ 70,324.20 market sentiment is widening as U.S. institutional investors hold steady while offshore traders retreat from their positions. The gap is clearest in futures markets. CME, the go-to platform for hedge funds and institutional desks in the U.S., shows traders are still paying a premium to stay long on bitcoin, according to NYDIG’s head of research, Greg Cipolaro. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . This is evident on a one-month annualized basis, essentially the markup for futures over spot prices, which remains higher than on its offshore counterpart, Deribit. “The more pronounced drop in offshore basis suggests reduced appetite for leveraged long exposure,” Cipolaro wrote. “The widening spread between CME and Deribit basis functions as a real-time gauge of geographical risk appetite.” Bitcoin earlier this month fell to $60,000 before rebounding. Some pinned the selloff on rising concerns that quantum computing will undermine the system's cryptographic security. NYDIG found that the numbers don’t back up that explanation. For one, bitcoin’s performance has closely tracked that of publicly traded quantum-computing companies like IONQ Inc. (IONQ) and D-Wave Quantum Inc. (QBTS). If quantum risk were truly weighing on crypto, those stocks would be rising while bitcoin falls. Instead, they dropped together, pointing to a broader decline in appetite for long-term, future-driven assets. On top of that, search data on Google Trends shows interest for “quantum computing bitcoin” rises when the price of BTC rises. Bitcoin News Derivatives AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Accelerating Convergence Between Traditional and On-Chain Finance in 2026? By CoinDesk Jan 30, 2026 Commissioned by Societe Generale-FORGE Read full story More For You Bitcoin claws back to $70,000 on cooling inflation after $8.7 billion wipeout By Francisco Rodrigues 23 hours ago Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety. What to know : Bitcoin’s price recovered above $70,000 after a drop, driven by cooler-than-expected U.S. inflation data and increased risk appetite. Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety. $8.7 billion in bitcoin losses were realized in the last week, potentially signaling a capitulation event and a shift of supply to stronger hands. Read full story Latest Crypto News The Genius Act ripple effect: Sui executives say institutional demand has never been higher 18 hours ago Elon Musk's X to launch crypto and stock trading in ‘couple weeks’ 18 hours ago Galaxy’s Steve Kurz sees ‘great convergence’ driving crypto’s long-term outlook 20 hours ago Bitcoin claws back to $70,000 on cooling inflation after $8.7 billion wipeout 23 hours ago Trump-linked Truth Social seeks SEC approval for two crypto ETFs Feb 13, 2026 Crypto group counters Wall Street bankers with its own stablecoin principles for bill Feb 13, 2026 Top Stories Recapping Consensus Hong Kong Feb 13, 2026 Wall Street analysts slash Coinbase price targets after Q4 miss — but shares rally Feb 13, 2026 Ethereum Foundation leadership shake-up: Tomasz Stańczak out as co-executive director Feb 13, 2026 Crypto market wobbles as investors ignore good news, look for ‘exit ramp’ Feb 13, 2026 Bitcoin’s long-term rally is ‘broken’ until it reclaims $85,000, Deribit executive says Feb 13, 2026 In this article BTC BTC $ 70,324.20 ◢ 0.26 %