Analyst: Bitcoin basis returns to neutral range, demand for long positions in derivatives cools down
BlockBeats News, February 15, CryptoQuant analyst @AxelAdlerJr posted that the bitcoin basis (7-day simple moving average) has fallen back to a neutral range, as the premium between spot and futures has significantly narrowed.
He pointed out that this change indicates a weakening demand for establishing long exposure through derivatives, and the market is no longer pricing in an aggressive "risk appetite" scenario. Typically, this means a decline in risk appetite, the start of a deleveraging process, and investors moving to a wait-and-see stance.
Axel Adler Jr believes that the derivatives market is currently unable to continue driving prices higher, and for longs to regain momentum, they will need stronger support from spot buying.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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