In a normal market environment, the monthly futures price of Bitcoin is usually 5% to 15% higher than the spot price to cover the costs of a longer settlement period, a ratio known as futures premium.

However, since the Bitcoin price encountered resistance at $110,000 on June 12, the futures premium has remained below normal levels. When the Bitcoin price fell to $100,450 on June 5, the situation regarding the futures premium further deteriorated compared to two weeks earlier.