Deribit-listed bitcoin (BTC) futures set to expire this Friday now trade marginally below the exchange’s index price, flashing a discount in a sign of weak demand for the cryptocurrency.
“What we have seen is that near-tenor (7d and shorter) yields have dipped to the negative for the first time in over a year,” Andrew Melville, a research analyst at Block Scholes told CoinDesk in a Telegram chat. “This means that futures prices are trading below spot, which we take as a significantly bearish indicator.”
Deribit is the world’s leading crypto options exchange and a preferred venue for sophisticated traders looking to employ synthetic strategies involving futures, options and spot markets.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Market depth in smaller tokens remained thin, echoing the uneven liquidity that has characterized December…
Bitcoin is holding above $90,000 as the market heads into a highly anticipated FOMC meeting,…
During what many anticipated would be the year of a major Bitcoin (BTC) bull run,…
Ethereum price started a fresh increase above $3,250. ETH is now consolidating gains and might…
ETF inflows have finally turned positive, but weak on-chain activity, defensive derivatives positioning, and negative…
Bitcoin price started a decent increase above $92,000. BTC is now consolidating gains and might…