Bitcoin CME Futures Slip Into ‘Backwardation’ as Bearish Sentiment Grips Market

Posted on by American Coins & Gold

Bitcoin CME Futures Slip Into ‘Backwardation’ as Bearish Sentiment Grips Market
Bitcoin futures listed on the Chicago Mercantile Exchange (CME) have slipped into ‘backwardation,’ a market condition that represents declining institutional appetite for the cryptocurrency.Data tracked by Skew shows backwardation represented by futures drawing lower prices than the spot prices emerged on Monday with the one-month contract slipping to an annualized discount of nearly 14%, the steepest since at least mid-2020.The three-month bitcoin futures slipped to a discount of 3%, as the cryptocurrency fell more than 6% to $45,700.Institutional investors prefer to use regulated CME futures contracts to gain exposure to bitcoin. ProShares’ bitcoin exchange-traded fund (ETF) and Valkyrie Investments’ ETF…