Research after the new leverage shock shows that the Bitcoin derivatives market is “healthier” than in the first quarter


Bitcoin (Bitcoin) This week shocked leveraged traders in a classic style, but new data shows that the market is generally healthier than earlier this year.

highlight Data analysis company Arcane Research’s latest weekly newsletter’s survey results show that the futures market is consistent in the fourth quarter of 2021.

“Healthier” markets make the bullish bias sustainable

With the sudden adjustment of the BTC price, Maximum bread For leveraged long traders on Wednesday, market sentiment has already begun to falter.

This is unfounded and the data shows that structurally speaking, the derivatives market is more stable than when it initially rose to $64,900 in April.

Arcane focuses on the so-called basis of futures-the difference between bitcoin spot prices and futures prices on different exchanges.

The three-month basis from January to April of 2021 rose sharply, and Binance and FTX reached the highest points of 46% and 45%, respectively, which is the historical high of BTC/USD in April.

In contrast, the CME Group’s Bitcoin futures premium was only 12% at the time.

However, not only are the three suppliers almost equal now, but the basis is much lower-even if Bitcoin surpassed its April performance.

Currently, the premiums of Binance, FTX and CME are 14%, 13% and 8% respectively.

“The basis now is much lower than when the BTC traded at over $60,000 in April-this shows that the market is healthier,” Arcane Add to In the Twitter comments.

Bitcoin futures 3-month basis chart.Source: Arcane Research/Twitter

A few days before the first Bitcoin spot ETF is decided

As Cointelegraph ReportIn terms of Bitcoin exposure, the rate of change between institutions has become more and more convincing.

related: The world’s largest Bitcoin fund may become an ETF in July, because GBTC’s asset management scale is close to $40

Compared with BTC, gold’s price performance has been lacklustre for a long time, but as investors choose the main cryptocurrency, gold is losing out quickly.

Grayscale is the operator of Grayscale Bitcoin Trust (GBTC), the largest Bitcoin fund, and its assets under management now exceed the world’s largest gold fund.

Exchange-traded funds (ETFs) based on Bitcoin futures are also Set record, And this week’s prospective operator Bitwise Said It will swap its plans for spot-based products.

The US regulator will make a decision on the first spot ETF from VanEck on November 14.