A flattening futures curve

Leverage remains exceptionally high in BTC perps as open interest has stabilized above 500,000 BTC. This highly unusual ever-growing leverage trend remains a potent volatility catalyst for the crypto market.

Futures market still idle

The offshore futures basis remains flat compared to last week.

The premiums were briefly impacted by the intraday volatility during the CPI release, reaching lows not seen since the FOMC but quickly recovered alongside BTC to 1%.

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