K33 Announced! NVIDIA Decline Turns Bitcoin Negative: Historic Closure! - Coin Bulletin

According to K33 Research, after the sharp decline in NVIDIA, the Bitcoin futures premium turned negative, and there was a historical drop of 17,225 BTC in open positions.

The Bitcoin futures premium, for the first time in months, turned negative due to market uncertainty. The sharp drop in NVIDIA shares and the risk reduction tendency in the market caused sharp movements in the Bitcoin (BTC) futures market.

Vetle Lunde, chief analyst at K33 Research, said in a tweet, "Yesterday's NVIDIA crash caused an echo in the crypto market, and CME investors quickly reduced their risks. The Bitcoin futures premium dropped into negative territory for the first time since August 2023. Additionally, there was a massive daily decrease of 17,225 BTC in open positions."

The futures premium represents the difference between the spot price of Bitcoin in this case (with a futures contract) and is considered as an indicator of market sensitivity and expectations. Falling into the negative zone indicates that investors are willing to sell futures at a price lower than the spot price and are inclined to escape from risk.

Recent market volatility briefly pushed the price of Bitcoin below the $98,000 level. However, the price later recovered and held above the $102,000 level. Analysts note that these movements are more linked to a general tendency to avoid risk rather than specific reasons related to crypto.