The Arcane Research report revealed that futures users are more cautious this month compared to the latest data.
The report shows that although the Bitcoin (BTC) price drop in June, which was interpreted as a macro bottom, came as a shock, futures could not rebound.
Bitcoin Futures Hit June Lows
The report revealed a worse picture for Bitcoin (BTC) futures than last month.
The futures base (the difference between futures contract prices and Bitcoin spot price) has only returned to the lows seen during the June drop to $17,600. The move came after the sudden sell-off in Bitcoin last week, which resulted in several dips below $21,000.
Arcane said in its report:
“Overall, the current futures base is sitting at levels only briefly experienced during the June crash. This is evidence of a decline in futures users.”
Even worse numbers come from CME Group’s front month futures contract price.
“Overall, CME futures have tended to trade at a discount over the past two months, but there was a brief but solid recovery during the market’s strength in early August,” the report added.
