Bitcoin Futures Basis Turns Positive for First Time in a Month, Open Interest Rising

BTC0.24%
According to CryptoQuant analyst Axel Adler Jr., Bitcoin's futures market showed signs of recovery on July 6. The futures basis turned positive for the first time in a month after touching a low of negative 0.40% in mid-June. The 30-day average of open interest also flipped positive, reflecting a surge in long positions. However, the analyst cautioned that the improvements remain shallow, with the basis barely above zero and recent cooling signals in open interest. The key risk is whether the early return of leveraged demand can sustain, or if it may trigger another round of market liquidation.
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