The futures premiums remain muted across the board, sitting at unusually low levels, illuminating the current bearish sentiment among traders.
Throughout the last week, both FTX’s and Binance’s 3-month basis has floated around 2-3%. FTX’s basis has only been this low on one occasion in 2022, on Feb 28th, prior to BTC rallying from $38,000 to $44,000, in part fueled by a short squeeze.