Bitcoin futures flip negative for the first time since March 2025 as internal flows surge and the market downturn deepens.
The Bitcoin futures-to-spot basis has fallen into negative territory, signaling a significant shift in trader sentiment toward de-risking. Futures are now trading below the spot price for the first time since March 2025, erasing the premium that typically reflects strong demand for leverage.
This transition into a futures discount phase suggested that Bitcoin (BTC) traders are increasingly unwilling to take on risk, instead pricing BTC’s short-term outlook lower.
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