Crypto
Bitcoin Price Struggles Amid Weak Futures Activity and Soft Spot Demand
Bitcoin's price remains under pressure due to weak CME futures activity and soft spot demand. Market analysts say stronger buying is needed before a fresh rally can occur.
Data from Bitfinex shows that the BTC crypto carry trade has become less attractive this year, with the basis staying below 5.5%. The exchange notes that open interest on CME Bitcoin futures has fallen to its lowest level since the launch of spot Bitcoin ETFs in early 2024.
According to Darkfost's market review, BTC crypto has faced weak demand since the start of the year. He says the strongest rallies usually happen when both spot buyers and futures traders are buying at the same time, but that's not happening now.