BTC Futures Go into Contango for First Time Since FTX Collapse

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According to Glassnode, the strong demand in the spot market and the closing of short positions in January have led to Bitcoin’s biggest rally since October 2021.

In addition, BTC futures have gone into contango for the first time since the collapse of crypto exchange FTX, and exchange outflows have been replaced by inflows.

As largest crypto by market cap recovered to its highest since August last year, there were three waves of $495 million short liquidations on crypto derivatives exchanges.

In that moment, longs accounted for only 15% of the forcibly closed contracts. As a comparison, when FTX crashed, this figure amounted to 25%.

The basis ha returned to positive territory in perpetual contracts and calendar futures, amounting to an annualized rate of 7.3% and 3.3%, respectively.