The spot market and futures market are indeed separate when executing trades, but due to the existence of high-frequency trading bots, large buy and sell orders in the futures market will 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 and spot markets, as the prices of perpetual contracts will gradually converge to the spot price over time;

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

The logic behind monitoring CB spot premiums is not to analyze short-term arbitrage opportunities but to analyze whether the buying pressure comes from USD spot buying funds;

Currently in the BTC market, USD funds are the absolute main force, while the main buying and selling forces in the futures market are primarily composed of USDT; these are funds that have already entered the cryptocurrency market, while funds directly purchasing BTC with USD are purely inflows;

It is clear that focusing on the latter, which is the subscription of external main force funds, is very important. If it is a futures pump, meaning an internal fund pump, the speculative nature is stronger, and long positions will have a demand for profit-taking liquidation;

On the other hand, USD spot buying is of an investment nature. Once these funds enter the market to buy coins and withdraw them, the circulating supply of BTC in the market will accordingly decrease, and it will not re-enter supply for a long time;

Therefore, monitoring the trend of CB spot premiums is essentially monitoring whether USD funds are experiencing large-scale inflows; #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