PANews reported on February 10 that, according to CoinDesk, Greg Magadini, head of derivatives at Amberdata, said that although BTC has recently rebounded from about $60,000 to nearly $70,000, futures market data shows that there has not yet been a real market panic.

Currently, the 90-day Bitcoin futures contract still maintains a premium of about 4% over the spot price, while historically, a significant discount usually occurs when bear markets bottom out, such as the 9% discount at the bottom of the 2022 bear market. Magadini believes that, following historical patterns, BTC may still have further downside potential to trigger a panic sell-off in the futures market.