Glassnode: Bitcoin futures basis shows bottom-of-cycle characteristics and continues to be lower than 2-year US bonds

On August 2, crypto analyst firm Glassnode said that since February this year, the yield on the three-month bitcoin futures basis has been lower than the yield on the two-year U.S. Treasury bond. There is only one such long period in history: from August 2022 to January 2023, which eventually marks the bottom of the cycle.