Monday saw the largest liquidation volume in BTC futures this year, both longs and shorts got punished by the fury of Mr. Market. Futures premiums took a massive hit this week. Currently, CME trades at a rare slight premium to the offshore exchanges.
CME basis see softer reaction to the Monday crash
Yields are contracting further in the futures market, with all instruments now seeing premiums near 2%. Following BTC’s push below $28,000 late Sunday, futures premiums began deteriorating, with FTX’s futures trading below spot, while premiums on Binance also narrowed.