CryptoQuant: Accumulated market pressure but no surrender style selling has occurred

CryptoQuant points out that the basis of the Chicago Mercantile Exchange (CME) is narrowing and the futures curve is flattening. Unlike the market bottoms in 2018 and 2022, the basis is still positive and there has been no futures discount (inverse spread). The market is in a phase of pressure accumulation, rather than a surrender style selling.