Bitcoin Futures on Deribit Slip Below Spot Price, Indicating Weakened Demand

Bitcoin (BTC) futures expiring this Friday on Deribit have fallen into a discount relative to the exchange’s index price, pointing to declining demand for the asset.

“For the first time in over a year, short-term futures yields (7-day and shorter) have turned negative,” Andrew Melville, a research analyst at Block Scholes, told CoinDesk via Telegram. “This means futures are trading below spot prices, which we consider a strong bearish signal.”

Deribit, the leading crypto options exchange, remains a hub for sophisticated traders executing complex strategies across futures, options, and spot markets.

The slip into discount territory suggests that market participants are hesitant to take bullish positions, highlighting a cautious outlook for Bitcoin’s near-term performance.