The spot and futures markets are indicating bearish sentiment in the market.
As indicated in the graph above, the CNY premium to USD implied by OKCoin price relative to BitFinex, is now flat, after reaching highs of 15%.
In the futures markets, OKCoin weeklies are at a discount to the Index, and quarterlies have only a $2 premium. This backwardization in the market is reflecting not just excessive sell pressure by traders, but also a hanging margin call at $340 of 18,000 contracts, which will run a socialised loss because the insurance fund was depleted in the settlement today.
As indicated in the graph above, the CNY premium to USD implied by OKCoin price relative to BitFinex, is now flat, after reaching highs of 15%.
In the futures markets, OKCoin weeklies are at a discount to the Index, and quarterlies have only a $2 premium. This backwardization in the market is reflecting not just excessive sell pressure by traders, but also a hanging margin call at $340 of 18,000 contracts, which will run a socialised loss because the insurance fund was depleted in the settlement today.
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