Delphi Daily

Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

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, since basis is rising fairly aggressively against spot, it means traders are buying u

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