@Alther 5 December 2025 more from that month

Backwardation is back in the crypto arena. BTC futures now trade below spot — a classic signal that the market is stressed, fearful, and pushing risk off the table. Strangely, this setup often appears near accumulation zones: weak hands exit, strong hands quietly load up. Whether this becomes a launchpad or just another tremor depends on liquidity flows in the coming days. Momentum might still wobble, but the energy under the surface is starting to hum.