According to Bloomberg, CME's bitcoin basis (that is, the difference between the actual price and the futures price) climbed to a three-month high. At the same time, the number of unpositioned squaring contracts increased modestly, and the early signs of the market increasing its long position again were healthy and obvious. At the same time, the heavy position in the bitcoin options market to hedge against the risk of a sharp decline was gradually being lifted, but the offshore perpetual contract market sent different signals.
The amount of unpositioned squaring in perpetual contracts has increased significantly in the past few days. In the past 36 hours, the nominal unpositioned squaring volume has soared by 8.4%, and the funding rate has been in negative territory, indicating that the market is slightly bearish. So-called "perps" (perpetual contracts) are the main instrument for investors outside the United States to bet on crypto assets. They have no expiration date and transfer the cost of holding positions through the funding rate. If the funding rate is negative, it means that the market is generally bearish.
CME Group's bitcoin basis rose to a three-month high, but the offshore perpetual contract market sent mixed signals
2025-04-23 03:36:01
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