BTC futures price flips to premium over spot, signaling renewed leverage demand

Bitcoin futures are trading at a premium to the spot price for the first time in a month, signaling a potential revival in risk appetite, but it is too early to call it a trend reversal, according to on-chain analyst Axel Adler Jr. He noted that while BTC futures prices were below spot throughout the past month, they flipped back to a premium early this month, suggesting a recovery in traders' demand for leveraged investments. Adler explained that the 30-day moving average of the basis—the difference between futures and spot prices—was slightly positive in late May before falling sharply into negative territory in June. Furthermore, a positioning index that tracks buy and sell flows in the futures market has shown a surge in new long positions over the past few days, indicating a shift away from a defensive market stance. However, he cautioned that the premium remains small and the increase in long positions is not yet significant enough to confirm a broader trend reversal.