Crypto analytics firm Glassnode said on Aug. 2 that the annualized return implied by the 3-month Bitcoin futures basis has remained below the yield on the 2-year U.S. Treasury since February this year. According to the firm, the market has seen only one similarly prolonged stretch before: from August 2022 to January 2023. Glassnode said that period ultimately marked a cycle bottom. The latest observation points to what the firm described as bottom-like conditions in the Bitcoin futures basis, based on that historical comparison.
Crypto analytics firm Glassnode said on Aug. 2 that the yield on the 3-month Bitcoin futures basis has remained below the yield on the 2-year U.S. Treasury since February this year.
Glassnode said the market has seen only one similarly long period in the past, from August 2022 to January 2023. According to the firm, that stretch ultimately became a cycle bottom.
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