Concerns over Silvergate Bank, enforcement against stablecoins and a liquidity crisis within the crypto sector have pushed futures traders into defensive positions. noshitcoins explains.
Fiat on and off ramps have always been a troublesome area due to the lack of a clear regulatory environment, especially in the U.S. Additional uncertainty came from the Wall Street Journal's March 3 report on iFinex, the holding company behind Tether and Bitfinex. Leaked documents and emails revealed the groupDespite a Wall Street Journal report alleging that Tether is being investigated by the Department of Justice, is still the absolute leading stablecoin with a $71.
Still, the present 1.5% premium should be interpreted as positive considering the bearish newsflow regarding the crypto-fiat payment railways. Consequently, futures contracts should trade at a 5% to 10% annualized premium on healthy markets — this situation is known as contango and is not exclusive to crypto markets.The chart shows traders abandoned any prospects of exiting the neutral-to-bearish area on March 3 as the basis indicator moved away from the 5% threshold. However, the current 3% premium is lower than last week's 4.5%, reflecting fewer investors' optimism.
Analysts are now focused on the announcement of the Consumer Price Index inflation data on March 14. Cointelegraph noted that CPI prints tend to sparkDerivatives metrics currently point to limited pressure from the Silvergate Bank saga, but the odds favor Bitcoin bears considering the diminishing demand for stablecoins in Asia and the BTC futures' premium.
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