Bitcoin futures have returned to their most profound state of backwardation since the dramatic collapse of the FTX cryptocurrency exchange, indicating a significant shift in market sentiment and pricing dynamics within the cryptocurrency sector. This situation arises when the prices of futures contracts for Bitcoin are trading lower than the current spot price, reflecting traders' expectations of decreasing valuations in the near term. The resurgence of this market condition highlights the ongoing volatility and uncertainty surrounding Bitcoin and broader digital asset markets in the aftermath of the highly publicized FTX incident.
source: https://www.coindesk.com/markets/2025/12/03/bitcoin-futures-return-to-deepest-backwardation-since-ftx-collapse