according to CoinDesk, data from the CME Bitcoin futures market shows that the bullish sentiment after Trump's victory has completely faded. The spread between CME Bitcoin "continuous" next month and near month standard futures has narrowed to $495, dropping to the lowest level since November 5, compared to the peak of $1,705 on December 17.

Thomas Erdösi, Head of CF Benchmarks, said: "The narrowing of the spread between near month and next month Bitcoin futures at CME indicates that traders are adjusting their price expectations." Since early March, the near month contract basis has been significantly reduced, indicating that the market has fully digested the main catalyst that previously drove the market higher, Trump's election.

Analysis shows that the market may have abandoned the narrative of "a crypto-friendly president being beneficial to the industry", with macro correlations becoming the dominant factor in the market again. Despite the narrowing spread, the CME futures curve remains in a contango state, indicating that the recent market adjustment is mainly driven by leveraged spot longs being squeezed out of the market, rather than more widespread market contagion.