Bitcoin Futures Basis Falls Below U.S. Treasury Yields for Longest Stretch Since 2022, Reports Glassnode

2026/08/03 09:08 (Updated 2026/08/03 12:01)

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Written by Enzo

Bitcoin Futures Basis Falls Below U.S. Treasury Yields for Longest Stretch Since 2022, Reports Glassnode

The Implications of the Reversal in Futures Basis on Capital Flows

Cryptocurrency analytics firm Glassnode highlighted on the 2nd that the three-month Bitcoin futures basis has been below the yield of 2-year U.S. Treasuries since February.

Historically, such a prolonged inversion has only occurred once before, from August 2022 to January 2023, concluding at a cycle low.

The futures basis, which involves buying spot and selling futures as an arbitrage...

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Iolite Vol.21

September 2026 issueReleased on 2026/07/30