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

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