backwardation

Backwardation in BTC futures signals short-term bearish sentiment as spot exceeds the futures price.当现货价格超过期货价格时，BTC 期货的贴水状态预示着短期的看跌情绪。

When the market flips from contango to backwardation, it often signals a shift in near-term market participant outlook.当市场从期货升水翻转为期货贴水时，通常预示着近期市场参与者前景的转变。