Bitcoin (BTC) was trading around $58,246.41 as of 20:00 UTC (4 p.m. ET). Slipping 1.31% over the previous 24 hours.
Bitcoin’s 24-hour range: $57,421.85-$59,484.20 (CoinDesk 20)
BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Bitcoin’s futures premium creeps back up
Recently, bitcoin’s price movements have been, well, less exciting than the triple- and sometimes quadruple-digit-percentage gains witnessed in alternative cryptocurrencies, or “altcoins.”
The No. 1 cryptocurrency has traded in a narrow range between $56,552 and $60,102 over the past week, while ether, the native token of the Ethereum blockchain, has climbed more than 20% to a new all-time high over $2,100.
But in the past couple weeks, traders in bitcoin derivative markets have been ratcheting up their bets on future gains.
The annualized futures premium rate – a gauge of bullish bets – has averaged 22% to 25% on retail-focused derivatives exchanges like FTX, BitMEX, Deribit and Binance. That compares with about 13% on the Chicago-based CME exchange, which tends to be more focused on institutional investors.
An increased futures premium – the spread between futures prices and spot-market prices – indicates that more retail traders are looking at upside exposure of the market despite bitcoin’s relatively flat performance lately.