Glassnode cảnh báo về áp lực thanh khoản thị trường: Cơ sở giao sau 3 tháng của BTC đạt mức thấp lịch sử

The ME News report, on August 2 (UTC+8), the on-chain analytics firm Glassnode stated that the three-month Bitcoin futures basis has yielded below the U.S. two-year Treasury yield since February this year and has remained so for several months. Glassnode noted that historically, only one other instance saw a similar duration—between August 2022 and January 2023—which ultimately coincided with the trough of the previous market cycle. The firm added that prolonged weakness in the futures basis reflects weak market demand for leverage and directly impacts overall market depth and trading volume. Analysts believe the futures basis is typically used to gauge market risk appetite and arbitrage capital demand. When the basis yield falls below the risk-free rate, it indicates that the additional return investors receive for assuming risk by holding Bitcoin futures is insufficient, potentially leading to reduced capital inflow into the futures market and affecting liquidity and trading activity. (Source: ODAILY)