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The three-month annualised futures basis has fallen to roughly 3 per cent, below two-year Treasury yields, ending the market-neutral position that kept leveraged funds structurally short for years.
The only comparable stretch on record ran from August 2022 into January 2023 and ended at the cycle low. Futures volume in July was just over $880 million against a February peak of $1.47 trillion.
CME Group has begun Bitcoin futures trading on the Globex platform, with the January 2018 contract opening above $20,000 before settling at lower levels.
CME Group, the world's largest derivatives exchange, has announced plans to launch Bitcoin futures contracts by year-end 2017, pending regulatory approval.
