#Bitcoin demand from calendar futures dropped off a cliff (this tends to reflect sentiment from pro and institutional traders). Contango went into backwardation at levels akin to what we had at our $16k range.
Meanwhile the last 48hrs has seen bullish spot flows at exchanges when BTC dropped to the 19.5k-20.5k range, maybe from people fleeing USDC.
This looks responsible for causing a small short squeezed powered recovery.
Overall corn looks weak in the short term.
Add negative funding rate to the situation: brace yourself.
That’s what backwardation means in trader jargon.
r the institutional traders starting taking it off the CeX ?
I always read that as "backtardation." Like, "What in backtardation are you rewards up to now!?"
Over the next few days, weeks and months - however this banking issue resolves- do you see people/ institutions/ dare I say nation states finally better understand the value proposition(s) or corn?
For sure
Right.....
This means for a simple man that is not a trader? 😅
Thanks for sharing these kinds of thoughts. Honestly the reason I’m on nostr. Keep ‘m coming good ser!
