Due to the market volatility caused by DeepSeek, the bitcoin futures basis turned negative for the first time since August last year

On January 28th, Vetle Lunde, head of research at K33, said that yesterday's slump in Nvidia's share price had a ripple effect on the cryptocurrency market, with traders on the Chicago Mercantile Exchange (CME) quickly avoiding risk. Bitcoin futures basis fell to negative for the first time since August 2023, while nominal non-position squaring contracts saw their largest ever one-day decline, falling as much as 17,225 bitcoins.
It is reported that the futures basis is the price of the futures contract and the underlying asset. The difference between the current spot price is an indicator of market sentiment and expectations. When the futures basis falls into negative territory, it indicates a turn in bearish sentiment, and traders are willing to sell futures at a lower price than the spot price in the face of heightened risk aversion.