Spike in futures premiums – highest level in almost two months

We saw a large spike in the futures premiums before the weekend, climbing to levels not seen in almost two months. The premium on CME increased the most but quickly fell back as we moved into August.

Traders in the bitcoin futures market got excited before the weekend, as we saw a significant spike in futures premiums, likely related to the stock market rally that also led to the spike in the bitcoin price.
The 3-month basis on CME topped out close to 5% last week, the highest level seen in almost three months.

Source: Skew

Offshore exchanges saw similar movements and climbed to the highest levels in almost two months. FTX topped out close to 5% as well, with Binance seeing a high of around 4%. The futures premiums are now dropping again, especially CME, which sits at 2.4%. FTX is leading the way with almost 3.2% this morning.

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