Futures market update: Futures premiums sitting near yearly lows – exhaustion?

Futures premiums remain muted, as both CME and FTX see their basis decline towards the lowest levels seen in months.

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.

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