“Binance’s 24-hour average basis [spread between futures and spot prices] reached a new all-time low on Monday of 1.17%, below the bottom 1.18% seen on July 21, 2021. This points towards a very pessimistic sentiment among leveraged traders and, yes – a sign of capitulation,” Vetle Lunde, market analyst at Arcane Research, told CoinDesk in a Twitter chat.
Record Low Bitcoin Futures Premium on Binance Signals Capitulation
