Bitcoin (BTC) shows a volatile movement before non-farm pay data, one of the data the Fed continues when making interest rate decisions.
Bitcoin, which went above $107,000 in a speech by Federal Reserve Chairman Jerome Powell yesterday, has since dropped to $105,000.
While wondering which direction Bitcoin volatility will intensify and how prices will move, a 10x survey said CME Bitcoin futures premium has fallen to 4.3%, the lowest level since October 2023.
Speaking to Coindesk, Markus Thielen, founder of the 10x Research, said the decline in CME Bitcoin futures premiums indicates a weakening of institutional demand.
“The annual premium for CME Bitcoin futures for the three-month period has now fallen from 10% at the beginning of this year to 4.3%, the lowest level since 2023.”
CME Bitcoin Futures Premium represents the difference between spot prices and futures prices.
This decline in CME Bitcoin futures premium occurred despite BTC prices exceeding $100,000, Thielen said:
*This is not investment advice.
