Bitcoin futures backwardation is not necessarily bearish, noshitcoins explains.
The move followed a 7-day correction of 8% in the S&P500 futures after the U.S. Federal Reserve chairMacroeconomic trends have been the main driver of recent movements. For instance, the latest bounce from the 5-week-long ascending channel support at $16,400 has been attributed to theThe Bank of Japan increased the limit on government bond yields on Dec. 20, which are now trading at levels unseen since 2015.
During these events, Bitcoin has held $16,800, so there are buyers at these levels. But let's look at crypto derivatives data to understand whether investors have increased their risk appetite for Bitcoin.Fixed-month futures contracts usually trade at a slight premium to regular spot markets because sellers demand more money to withhold settlement for longer. Technically known as contango, this situation is not exclusive to crypto assets.
The metric gathers data from exchange clients' positions on the spot and perpetual contracts, better informing how professional traders are positioned.Even though Bitcoin briefly traded below $16,300 on Dec. 19, professional traders did not reduce their leverage long positions according to the long-to-short indicator. For instance, the Huobi traders' ratio stabilized at 1.01 between Dec. 16 and Dec. 21.
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