Analyst: BTC Perpetual Futures Trade Below Spot for 156 Consecutive Hours as Open Interest Climbs to 367,000 BTC

Nov. 12 — CryptoQuant analyst Axel Adler Jr. said in a post that Bitcoin perpetual futures have remained at a discount to spot, with the basis negative for 156 consecutive hours. Over the past day, BTC perpetuals traded at a 0.047% discount to spot, a discount that has widened since Nov. 6, reflecting selling pressure on the futures side. Meanwhile, perpetual futures open interest rose by 22,000 BTC over the past week to 367,400 BTC, one of the strongest weekly increases since August. The analysis notes that rising open interest combined with a weak basis leaves the market more exposed to the risk of forced deleveraging; a decline in open interest would indicate that leverage is being reduced.