The speculative frenzy of Bitcoin shows signs of cooling in the futures market
K33 Research stated that the premium of Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) relative to spot market prices has decreased. According to data from cryptocurrency data tracking company Amberdata, open contracts for put options with an exercise price of $80,000 surged in the past 24 hours. Vetle Lunde, head of research at K33 Research, said, "The market seems to be cooling down, with the premium of CME benchmark contracts declining since yesterday's close, hovering around 10% throughout the day, down from 13%-16% since the U.S. elections, which may be a subtle indication of easing risk conditions." The liquidation of leveraged bullish bets across the entire cryptocurrency market has contributed to Bitcoin's retreat from its record highs. According to data compiled by Coinglass, in the past 24 hours, the liquidation of long positions was twice that of short positions, amounting to $447 million and $207 million, respectively
On November 15th, Jin10 Data reported that K33 Research indicated that the premium of Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) relative to spot market prices has decreased. According to data from cryptocurrency data tracking company Amberdata, open contracts for put options with an exercise price of $80,000 surged in the past 24 hours. Vetle Lunde, the research director at K33 Research, stated, "The market seems to be cooling down, with the premium of CME benchmark contracts declining since yesterday's close, hovering around 10% throughout the day, down from 13%-16% since the U.S. elections, which may be a subtle indication of easing risk conditions." The liquidation of leveraged bullish bets across the entire cryptocurrency market has contributed to Bitcoin's retreat from its record highs. According to data compiled by Coinglass, the liquidation amount of long positions in the past 24 hours was twice that of short positions, at $447 million and $207 million, respectively