Wu said that Coinbase Institutional issued a document stating that the crypto market experienced adjustment in November, laying the foundation for the December market. According to the data, the open interest of BTC, ETH and Solana perpetual contracts fell by 16% month-on-month, and US spot ETFs saw outflows of $3.5 billion in Bitcoin and $1.4 billion in Ethereum, and the funding rate of Bitcoin perpetual contracts rebounded after falling below the 90-day average by 2 standard deviations. Coinbase Institutional said that excessive speculation in the market has been cleared up, with systematic leverage falling from about 10% this summer to 4%–5% of total market capitalization, reducing leverage to help a healthier market structure and reduce the risk of a significant pullback before the end of the year.

BTC1.48%
ETH6.29%
SOL3.58%
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