The spot market and the futures market are indeed separate when it comes to order book transactions. However, due to the presence of high-frequency trading bots, large buy and sell orders in the futures market can be simultaneously arbitraged to the spot market;

Essentially, this is a high-frequency arbitrage strategy that aims to profit from the large price differences that momentarily appear between the futures market and the spot market, as the price of perpetual contracts will gradually converge towards the spot price over time;

Therefore, in the BTC market, large futures buy orders can drive up the price of the spot market, and large spot buy orders can also drive up the price of the futures market;

The logic of focusing on CB spot premiums is not to analyze whether there are short-term arbitrage opportunities, but to analyze whether the buying pressure comes from USD spot market funds;

In the current BTC market, USD funds are the absolute main force, while the main buy and sell orders in the futures market are primarily dominated by USDT. These are funds that have already entered the cryptocurrency market, while funds that directly purchase BTC with USD are purely inflows of capital;

It is clear that focusing on the latter, that is, the subscription of external main force funds, is very important. If it is a futures pump, meaning an in-house capital pump, the speculative nature is strong, and there will be a need for profit-taking on long positions;

In contrast, USD spot buy orders are of an investment nature. Once these funds enter to buy coins and take them away, the circulating supply of BTC in the market will decrease accordingly and will not supply again for a long time;

Thus, paying attention to the trend of CB spot premiums is to monitor whether there is a scale of inflow of USD funds; #比特币战略储备 #ETH再度冲击4K #加密市场狂欢 #圣诞行情预测 #VANA开盘