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The futures contracts of Bitcoin on Binance currently show a contango state, with premiums exceeding $2,000.  According to an analyst, this phenomenon is interpreted as a positive signal for the price of Bitcoin during the first quarter of 2024. Let’s see all the details below.  Binance: Bitcoin futures signal a premium of over $2,000 for March 2024 As anticipated, there is a significant premium of over $2,000 on Bitcoin futures contracts on Binance, which will expire at the end of March.  According to an analyst, these conditions suggest that the market anticipates a price appreciation of Bitcoin during the spring season. We remind you that when futures contracts are traded at a value higher than the current price of the asset, this is referred to as “contango”.  This situation reflects the market’s expectation of an increase in the price of the asset before the expiration of the futures contracts, set in this case on March 29th. The head of YouHodler’s markets, Ruslan Lienkha, interpreted the current contango state as a “clear bullish signal” for Bitcoin.  He also emphasized that institutional investors are using futures to hedge the price of Bitcoin, showing confidence in a growth perspective.  Lienkha has finally indicated that these investors are willing to pay an additional premium to fix the current price in anticipation of future asset acquisitions, especially in view of a possible approval of additional spot ETFs on Bitcoin. Market anticipations: a remarkable crescendo by March As already anticipated, the data from The Block highlight a significant increase in the premium on Bitcoin futures contracts, indicating an anticipation of a price increase by the end of March. In addition, the difference between the spot price and the future price of Bitcoin has reached its historical peak, as revealed by The Block’s Data Dashboard.  According to…

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Filed under: News - @ January 3, 2024 2:16 am