Preview
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A flattening futures curve
Since the launch of the first U.S. futures-based ETFs, CME’s futures curve has softened, leading to less extensive underperformance of BITO versus BTC.Preview
CME in backwardation for the first time since May 2019
CME’s futures structure has trailed in backwardation throughout September. This has not happened since May 2019. Evidently, from the chart, the next-month expiry contract tended to trade at a 0.5-2% premium to the front-month contract from the summer of 2019 until April 2021.Preview