Bitcoin derivatives traders did not fold under the FUD
As a result, futures contracts on healthy markets should trade at a 5% to 10% annualized premium — a situation known as contango, which is not unique to crypto markets.Since March 30, the Bitcoin futures premium has been hovering near the neutral-to-bearish threshold, indicating that professional traders are unwilling to turn bullish despite the BTC price remaining near $28,000.
The 25% delta skew indicates when market makers and arbitrage desks overcharge for upside or downside protection. In bear markets, options traders increase their odds of a price drop, causing the skew indicator to rise above 8%. Bullish markets, on the other hand, tend to drive the skew metric below -8%, indicating that bearish put options are in less demand.
So far, Bitcoin has held up well as the baking sector forced the Fed to reverse its credit-tightening policy. However, as long as regulatory uncertainty surrounds major crypto exchanges, Bitcoin is unlikely to break above $30,000.
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