Bitcoin Futures Basis Slumps to Lowest Levels Since October 2023 as Leverage Demand Fades

According to analyst David Lawant, collapsing premiums on CME Bitcoin futures indicate that institutional demand for leveraged exposure has dropped to levels last seen in October 2023. Traders are now showing less interest in upside leverage than during major stress events such as the April 2025 "Liberation Day" sell-off and the mid-2024 "German/JPY" unwind, signaling a shift from panic to deep market apathy.