Bitcoin futures enter backwardation for the first time in a year

Bitcoin's month-to-date chart is very bearish, and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bulls' current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story. Analysts expect “maximum damage” ahead as stablecoins could eventually flow into Bitcoin and other cryptocurrencies. Bitcoin futures premium turned negative for the first time in a year for first time since June 11, Laevitas says. The S&P 500 index dropped 11% in June, and multi-billion dollar companies like Netflix, PayPal and Caesars Entertainment have corrected with 71%, 61% and 57% losses. On the other hand, market analyst Mike Alfred says Bitcoin is not done liquidating large players. Source