Arcane ResearchThe report revealed that futures users are more cautious this month compared to the latest data.
Report, in June, which is interpreted as a macro bottom, bitcoinAlthough the (BTC) price drop came as a shock, futures shows that it has not recovered.
Bitcoin Futures Hit June Lows
Report bitcoin(BTC) futures revealed a worse picture than last month.
The futures base (the difference between futures contract prices and Bitcoin spot price) has only returned to the lows seen during the June drop to $17,600. The move came after the sudden sell-off in Bitcoin last week, which resulted in several dips below $21,000.
Arcane said in its report:
“Overall, the current futures base is sitting at levels only briefly experienced during the June crash. This is evidence of a decline in futures users.”
Even worse numbers CME GroupIt comes from the price of the front month futures contract.
“Overall, CME futures have tended to trade at a discount over the past two months, but there was a brief but solid recovery during the market’s strength in early August,” the report added.
