Join Delphi Research today and immediately get access to our full Member Portal!
Join Delphi Research today and immediately get access to our full Member Portal!
Back

Futures Catch a Bid, CME Traders Go Ham, Punk Ownership Decentralizes

Jul 21, 2021 · 5 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

BTC is up 5.7% today, attempting to bounce back into it what seems like an eternal price range. Naturally, this means crypto twitter has decided the bull-run is back on! Altcoins are also bouncing here; with RUNE, AXS, COMP, and MATIC some of the top performers.

Futures Basis On The Rise

Annualized basis for futures contracts a month away from expiry saw an asymmetric rise against BTC’s spot price. As short-dated futures had yet another brush with backwardation, traders bought up these contracts to send it back into a minor contango. CME basis usually lags that of crypto-native exchanges since a large portion of CME traders position themselves to profit off the spread between futures price and spot price. But interestingly, CME futures basis saw the most aggressive reversal, indicating traders here bought up cheap futures contracts yesterday. Note: Basis is the difference between the spot price and futures price of an asset. In this case, s

Delphi Dailys are absolutely free to read on our portal and get in your inbox - you just need to sign up with your email!

Sign Up For Free