Bitcoin Futures Slide Below Spot Price as FTX Fallout Spreads
- Futures drop into ‘backwardation’ didn’t occur in other routs
- Marex’s Solot says it likely shows short bets, withdrawals
This article is for subscribers only.
The turmoil caused by the implosion of crypto-empire FTX is rippling into the Bitcoin futures market.
The Bitcoin futures curve is in so-called backwardation, meaning its spot price is higher than its futures price, something that didn’t happen during previous selloffs, according to Ilan Solot, co‑head of digital assets at Marex Solutions.