Bitcoin basis trade unwind reflected in shifting futures market and lack of inflows

exchange68September 10, 2024

0 0 2 minutes read

Bitcoin futures on CME have plummeted by nearly 40,000 BTC from their peak, and the dramatic single-day drop on June 28 stands out. Meanwhile, Binance is staging a comeback, nearing its past dominance as it challenges CME’s market share. This shift points to traders potentially closing basis trades—a strategy involving long positions in spot ETFs and shorts in futures. But what’s driving such rapid changes? Discover how an intriguing market dynamic and a costly funding rate are reshaping…

To access this insight, connect your Solana wallet or learn more about CryptoSlate Alpha.

Unlock this insight with CryptoSlate Alpha

This insight is only available for CryptoSlate Alpha members. CryptoSlate Alpha is a web3 membership built to empower you with cutting-edge insights and knowledge, built in partnership with Access Protocol.

👋 Hey, connecting to CryptoSlate Alpha requires authentication using Access Protocol. CryptoSlate is a launch partner of Access Protocol and we are also invested in the project through a grant we received. For more information, see our terms page.

To access CryptoSlate Alpha, you will need

1. Solana Wallet

Connect a Solana self-custody wallet (Phantom, Solflare or Torus).

2. Stake ACS

Stake 20k ACS (native token of Access Protocol) to the CryptoSlate pool.

Included in your membership

Exclusive Research & Analysis

Crypto, Macro & DeFi Insights

Already holding ACS? Connect & stake now →

Join Access Protocol to get CryptoSlate Alpha

Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.