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Bitcoin Futures, DeFi Hopium, and the NFT Resurgence

Jul 12, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

BTC opened fairly strong as the Asia session began, but the London session wiped out those gains, and the weekend’s, in a few hours. Crypto assets like SNX, AXS, and LUNA (amongst others) enjoyed a strong weekend. It looks like capital flows into crypto are beginning to pick up again, but they’re still not nearly as aggressive as the bulls would like.

The Curious Case of Bitcoin Futures

BTC seems to be stuck in an everlasting range, with no trend in sight. But over the past week, we’ve seen some interesting data from the futures market. Annualized basis on Deribit’s one month BTC futures turned negative last week, but they quickly shot back up over 7% as traders aped into short-dated contracts. While all this was happening, basis on Deribit’s three month BTC futures — which never turned negative — sat flat between 3-5%. For a few hours, the basis on one month futures exceeded that of the three month futur

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