Bitcoin (BTC) has shaken traders with lending in a classic way this week, but new data shows that the market is generally healthier than it was at the beginning of the year.
The data analysis company Arcane Research has published the results of its latest weekly newsletter which shows how the futures markets have reached the requirements in the fourth quarter of 2021.
A healthy market remains optimistic
With the sudden correction in BTC’s price causing maximum pain for mortgaged traders on Wednesday, sentiment began to fluctuate around market power.
This is not justified as the figures show that from a structural point of view the derivatives markets are much stronger than they were in the initial period of $ 64,900 in April.
Arcane focused on what is called a futures basis – the difference between the spot price of bitcoin and the price of futures contracts on different exchanges.
From January to April 2021, there was a strong rally of three months, reaching 46% and 45% at Binance and FTX respectively at the BTC / USD high in April.
In contrast, CME traded Bitcoin futures at just a 12% premium at the time.
Now, however, not only are all three providers almost the same, but the base is much lower – even though Bitcoin was better in April.
Binance, FTX and CME currently have premiums of 14%, 13% and 8% respectively.
“The base is now much lower than it was when BTC traded above $ 60,000 in April, indicating a healthier market,” Arcane added in his Twitter comments.
Basic 3-month Bitcoin Futures chart. Source: Arcane Research / Twitter.
Days remaining before the first immediate Bitcoin ETF solution
As the Cointelegraph reports, the pace of change between institutions in the impact of bitcoin is becoming more and more apparent.
RELATED: The world’s largest Bitcoin ETF could be by July when GBTC approaches $ 40 billion
Gold, which has underperformed BTC for a long time, is losing fast as investors choose the dominant cryptocurrency.
Grayscale, the operator of the largest bitcoin fund Grayscale Bitcoin Trust (GBTC), has passed assets under the management of the world’s largest gold fund.
Exchange traded funds (ETFs) based on bitcoin futures are also setting records, while potential operator Bitwise said this week that they will immediately change plans for an existing product.
US regulators will decide on the first spot ETF, VanEck, on 14 November.
