ether is up 2% on the day, outperforming bitcoin. Data from Arcane Research shows parallels between the current bear market and the 2018 bear market. LedesmaLyllah reports in First Mover by CoinDesk Markets
CME BTC futures annualized rolling 1 - month Basis
Bitcoin futures at the Chicago Mercantile Exchange, one of the world’s biggest derivatives markets, just traded at the largest discount to spot prices in at least 2 1/2 years after a big market plunge and right beforeArcane Research keeps tabs on the average difference between CME’s front-month bitcoin futures – those expiring soonest – and the current market price for bitcoin itself for rolling one-month periods. On Monday, that showed front-month futures at a 3.36% discount.
The report said the ProShares Bitcoin Strategy ETF has begun rolling its August contracts into contracts that expire later, possibly causing downward pressure on the front-month contracts. Monday, BITO rolled over 1,000 August contracts and will roll over a further 3,000 August contracts by Friday. Previous times when the exchange-traded fund rolled over exposures, front-month contracts have tended to move toward discounts to spot, according to Arcane.
“Still, such extreme discounts have not appeared during previous rolling periods,” Lunde said. “They might be a symptom of worsening liquidity or general de-risking as S&P 500 and Nasdaq see a tumultuous start to the week while the dollar strength index pushes towards new highs.”
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