Bitcoin Futures Stabilize At 8% Premium To Spot As ‘No Brainer’ Shorts Fail To Appear

Despite broadly-spewed sentiment last week that Bitcoin futures would herald the end of Bitcoin as ‘shorts’ could finally capitalize on the ‘tulipmania’, for now, they have failed to turn up as the January-expiring futures are holding a 8% premium to spot prices and remain up around 19% from their opening print overnight.
Futures are holding around a $1000-$1300 premium to spot for the last few hours – implying quite a serious ‘term structure’ for Bitcoin credit.
Furthermore, instead of stabilizing Bitcoin as some had suggested, futures were actually more volatile than spot…
‘It is rare that you see something more volatile than bitcoin, but we found it: bitcoin futures,’ said Zennon Kapron, managing director of Shanghai-based consulting firm Kapronasia.

This post was published at Zero Hedge on Dec 11, 2017.