Tomorrow is the largest delivery in BTC history of $11 billion. We can see the end of quarterly delivery and new trends tend to emerge.
Before 2017, when perpetuals had not yet appeared, the market mainly traded quarterly futures. The principles of quarterly and perpetual were very different. Quarterly was delivered every three months according to the spot price, while perpetual was several The hourly subsidy rate means that quarterly prices tend to be more extreme and are much different from spot prices. Many people can tell which side of the long-short side big funds prefer through the price difference between quarterly and spot prices.
Since entering the 20th year, the trading volume of options has become larger and larger, and the quarterly delivery effect brought by options has also become greater. Everyone has noticed the biggest pain point of options, and can see the intentions of big funds. Today, the biggest pain point of BTC is 5 10,000, ETH is at 2,600.
A new trend is about to start next week, and the long-short game is coming to an end.