Analyst: Bitcoin futures premium and position index both turned positive, leverage demand recovers.

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ME News, July 6 (UTC+8), CryptoQuant analyst Axel Adler Jr. released a report pointing out that the Bitcoin futures market is showing signs of improvement: futures prices are above spot prices for the first time in a month, and the basis turned positive in early July after hitting a low of -0.40% in the third week of June; the 30-day moving average of the open interest index also turned positive, reflecting a surge in long positions opened in the past few days, with risk appetite returning. However, the analyst stated that the improvement in both indicators is still shallow—the premium is only slightly above zero, and the open interest index has shown signs of cooling in the past two days. The current state is closer to normalization than a trend reversal, and it is necessary to wait for the basis to remain positive and open interest to stay positive to confirm a change in the pattern. The main risk is that the early return of leveraged demand may not be sustained, instead triggering a new round of market cleansing. (Source: PANews)
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