$BTC FUTURES YIELD SINKS BELOW TREASURIES โ THE RARE SIGNAL THAT MARKED THE 2022 BOTTOM ๐๐ก
๐ Glassnode's latest data reveals something extraordinary: the 3-month annualized futures basis has been cycling below the US 2-year Treasury yield since February 2026. It's only the second extended stretch like this on record โ and the first, August 2022 to January 2023, aligned precisely with the bear market's climactic low.
๐ฆ This is institutional money voting with capital. When futures premiums no longer beat risk-free yields, cash-and-carry desks step back, arbitrage demand evaporates, and order book liquidity thins. The incentive simply shifts toward lower-risk paper.
๐ก History is a map, not a blueprint. But this kind of rare alignment earns a seat beside macro and positioning data โ not above them. Is the market printing a base like 2022, or are we sailing a different cycle entirely? ๐ฌ
โ ๏ธ Not financial advice. Always manage your risk. ๐ก๏ธ
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#BTC #Bitcoin #FuturesBasis #Institutional #OnChain ๐ ๐ฆ