Bitcoin Futures Market Calms, but a New Bull Run Still Needs a Spark

The Bitcoin futures market is returning to normal: the annualized basis sits well below the peaks of earlier market cycles. That does not yet signal a new bull market. A lasting upswing may need a stronger push from the economic environment or fresh liquidity. A market commentary by Marc des Ligneris, senior portfolio manager at CoinShares The accompanying chart shows the rolling, annualized three-month basis for Bitcoin perpetual futures and quarterly futures on the major trading venues. It offers clues about how much market participants pay for positions that bet on rising prices, and about the mood in the market. Funding rates on perpetual futures should be kept apart from the basis on futures with a fixed expiry.

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