Wall Street remains bullish on bitcoin (BTC) price while offshore traders retreat

CoinDesk

by Francisco Rodrigues

February 15, 2026

AI-Generated Deep Dive Summary

Wall Street remains bullish on Bitcoin (BTC) prices as U.S. institutional investors maintain their long positions in futures markets, while offshore traders show reduced risk appetite. This divergence is evident in the difference between the futures basis on CME (Chicago Mercantile Exchange), a key platform for American hedge funds and institutions, and Deribit, a major offshore exchange. The premium paid by U.S. traders to stay long on Bitcoin suggests confidence among institutional players, while the decline in the offshore basis indicates retrenchment among global traders. The widening gap between CME and Deribit reflects differing risk sentiment across regions. According to Greg Cipolaro of NYDIG, this spread acts as a real-time indicator of geographical risk appetite. While U.S. institutions remain bullish, offshore markets are showing signs of caution. Bitcoin recently dropped to $60,000 before rebounding, with some attributing the sell-off to concerns about quantum computing threatening cryptographic security. However, NYDIG’s research challenges this narrative, noting that Bitcoin and publicly traded quantum-computing companies like IONQ Inc. and D-Wave Quantum Inc. have moved in tandem, suggesting a broader decline in long-term risk appetite. The article also highlights the broader market dynamics driving Bitcoin’s recent volatility. Despite its recovery to $70,000, the Crypto Fear & Greed Index remains in “extreme fear,” signaling underlying anxiety. This fear is further compounded by $8.7 billion in realized Bitcoin losses last week and a shift in supply to stronger hands. The offshore retreat and reduced leverage suggest that while U.S. institutions remain confident, global sentiment is more cautious. This divergence in risk appetite matters for crypto investors as it underscores the importance

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Originally published on CoinDesk on 2/15/2026