Bitcoin speculative frenzy begins to show signs of cooling in futures markets

Odaily News K33 Research said the premium of CME bitcoin futures contracts relative to spot market prices has fallen. According to data from crypto data tracking company Amberdata, open interest in put options with an exercise price of $80,000 has surged in the past 24 hours. Vetle Lunde, head of research at K33 research, said: "The market seems to be cooling down, and the (premium) of the CME benchmark contract has been lower since yesterday's close, hovering around 10% throughout the day, lower than 13%-16% since the US election, which may be a subtle hint of easing risk conditions." The unwinding of leveraged bullish bets across the crypto market has contributed to Bitcoin's retreat from record highs to some extent. According to data compiled by Coinglass, the liquidation of long positions in the past 24 hours was twice that of put positions, at $447 million and $207 million respectively. (Jinshi)