On-chain Highlights
DEFINITION: The Futures Term Structure is a graphical representation of the pricing for futures contracts expiring at increasingly distant dates into the future. The most common state of the graph, an upward slope, indicates a premium must be paid to purchase exposure, or delivery, of an asset in the future. Conversely, a downward slope indicates a discounted rate on delivery of an asset in the future. Trends and dislocations within the graph can paint a picture of supply, demand, and liquidity for futures contracts expiring on different dates.
Bitcoin futures contracts show a progressive price increase across major exchanges. The Futures Term Structure graph illustrates how futures prices from Binance, Bybit, Deribit, Huobi, and OKX rose steadily from August 2024 to June 2025. This consistent upward trend indicates a market expectation of higher Bitcoin prices over the next year.
The graph starts at approximately $58,000 for August 2024 contracts, with gradual incr
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