Bitcoin Futures Enter Bearish Territory for the First Time Since August 2023

The basis for bitcoin futures on the CME has turned negative. This was triggered by a spike in volatility amid a stock market downturn due to news surrounding DeepSeek.

The Nvidia crash yesterday had ripple effects on the crypto market, with CME traders rapidly de-risking.

Bitcoin futures basis fell to negative terrain for the first time since August 2023, while notional OI saw its largest daily decline ever of a massive 17,225 BTC. pic.twitter.com/VM91DeiXcx

— Vetle Lunde (@VetleLunde) January 28, 2025

“The Nvidia stock crash triggered a domino effect in cryptocurrencies,” explained K33 Research.

According to experts’ calculations, OI in bitcoin futures on CME fell by 17,225 BTC.

For the first time since August 2023, contract prices fell below spot market quotes amid growing risk aversion.

By the end of January 28, the Nasdaq Composite index rebounded by 2.03% after a 3.07% drop the previous day. This allowed bitcoin to hold the psychological level of $100,000 and return to $102,700 at the time of writing.

Earlier, Standard Chartered noted the upcoming January 29 meeting of the Fed and quarterly reports from Tesla, Meta, and Microsoft as the next market drivers.

As reported in CryptoQuant, expectations were expressed for another “upward surge” in the asset before the start of distribution.

In Copper, a peak for bitcoin was forecasted at the end of May.