Analyst: Bitcoin Futures Premium and Open Interest Index Both Turn Positive, Leveraged Demand Recovers

CoinFeed July 6 news, CryptoQuant analyst Axel Adler Jr. released a report noting that the Bitcoin futures market has shown improvement signals: futures prices are higher than spot for the first time in a month, the basis hit a low of -0.40% in the third week of June and returned to positive in early July; the 30-day moving average of the open interest index also turned positive, reflecting a surge in long positions opened in the past few days, and risk appetite is returning. However, the analyst said that the improvement in both indicators is still shallow—the premium is only slightly above zero, and the open interest index has shown signs of cooling in the last two days. The current state is closer to normalization rather than a trend reversal, and we need to wait for the basis to remain consistently positive and open interest to stay positive to confirm a pattern shift. The main risk is that the early return of leveraged demand does not sustain and instead may trigger a new round of market liquidation.