CryptoQuant Analyst: Bitcoin Futures Premium Turns Negative, Market Enters Healthy Deleveraging Phase

Foresight News reported that CryptoQuant analyst Axel Adler Jr tweeted, "Yesterday, the basis between bitcoin futures and spot prices dropped into negative territory, which means that some of the long leverage in the futures market has been cleared, and the risk premium of perpetual contracts has almost disappeared. Currently, the market movement is driven more by spot ETFs rather than futures. As long as the basis remains near zero, this is a healthy deleveraging process. If the 7-day basis continues to stay below 0% during a price decline, it may indicate aggressive bearish sentiment in the derivatives market."