Onchain Highlights

DEFINITION: The Futures Term Structure is a graphical representation of the pricing for futures contracts expiring at increasingly distant dates into the future. The most common state of the graph, an upward slope, indicates a premium must be paid to purchase exposure, or delivery, of an asset in the future. A downward slope conversely indicates a discounted rate on delivery of an asset in the future. Trends and dislocations within the graph can paint a picture of supply, demand, and liquidity for futures contracts expiring on different dates.

Bitcoin futures contracts exhibit a consistent upward slope across major exchanges, indicating an anticipated premium in the asset’s future price. As of September, the structure shows futures contracts starting around $60,000, with gradual increases extending into mid-2025.

Notably, all tracked exchanges — Binance, Bybit, Deribit, Huobi, and OKX — maintain a near-identical trajectory, reflecting a consensus in market sentiment.

This uniformity suggests stable expectations in the Bitcoin futures market, with no significant price divergence between exchanges. The upward-sloping term structure aligns with typical market behavior, where distant future contracts trade at a higher price than near-term ones. This is likely due to a combination of demand for longer-term exposure and confidence in Bitcoin’s sustained growth post-halving.

The brief dip in Huobi’s futures contracts in September highlights potential short-term volatility or liquidity imbalances, but it quickly aligns with the broader market trend. This alignment underscores the market’s overall stability and resilience.

The post Uniform trajectory in Bitcoin futures suggests stable market expectations across major exchanges appeared first on CryptoSlate.

150 +