Bitcoin’s Bearish Futures Are Signaling a Slowdown into 2023
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The Bitcoin futures curve is stuck in backwardation, meaning its spot price is higher than its futures price.
Bearish traders are signaling that crypto losses will continue into next year, as risk-averse firms scale back from a market roiled by the implosion of digital-assets exchange FTX. The Bitcoin futures curve is stuck in backwardation, meaning its spot price is higher than its futures price. The CME Group's January 2023 contract has dropped to its deepest discount to spot since its launch earlier in November and is stuck trading at more than 1% below the cash price. Active Bitcoin futures on the CME group platform are all trading at a discount. Contracts on Deribit, the most liquid crypto-native derivatives exchange, are also trading at discount with the January cont...