Institutional traders are back to bitcoin, but all data suggests heavy shorting

Institutions are back, shorting BTC heavily, evident across all our metrics. The aftermath of March 12, 2020, is the only market structure remotely comparable to the current distressed conditions.

Institutions are back, shorting BTC heavily, evident across all our metrics. The aftermath of March 12, 2020, is the only market structure remotely comparable to the current distressed conditions.

A distorted market

The 3mth futures basis on CME has plunged to -7.2% over the last week, as CME futures trades at a record-high discount to spot, as elaborated in detail further below.


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