The futures-to-spot premium (stablecoin weighted) index has shown a significant pullback in the recent 24h pullback;
This means that the spot selling pressure from Coinbase has a strong impact, and the index briefly entered a negative value, and then stabilized and returned to a positive value;
If similar selling pressure continues to appear in the spot market, the price is likely to continue to fall without clearing short liquidity, and the pricing power of futures on BTC is gradually lost;
In the short term, shorts are rampant. If there is an opportunity, it is better to maintain volatility for a round of liquidation;
From the overall premium trend, the demand at the spot level seems to have been released. If the index falls below 0 again in the future and maintains it for a long time, it will go out of a sustained short trend;
At present, the market can still maintain the volatility in this range, but it is a bit powerless.
