I'm not confident we hit a true capitulation in bitcoin, derivatives expert says

Greg Magadini, director of derivatives at Amberdata, stated he is not confident that Bitcoin recently experienced a true capitulation event, despite a recent 10% drop to around $60,000. Capitulation, which typically marks the bottom of a bear market, is evidenced in the futures market when futures trade at a significant discount to spot prices. Historically, during bear market bottoms, the 90-day futures traded at massive discounts, such as the 9% discount seen when Bitcoin bottomed below $20,000 in late 2022. Last week's dip only briefly saw futures slip into a discount, with the 90-day basis barely reaching -100 basis points, and fixed basis currently sitting around 4%. This lack of a significant discount suggests bearish pressure has not been fully exhausted, implying scope for another potential leg lower until futures traders truly capitulate.

(Source：CoinDesk)