Is Bitcoin Futures Backwardation a Bearish Signal?

Is Bitcoin futures backwardation a bearish signal? In recent days, besides Bitcoin's price crash, another development has equally attracted the attention of cryptocurrency investors and traders - CME's Bitcoin futures have fallen into a 'backwardation' state. Backwardation, also known as an inverted market, commonly referred to as spot premium or futures discount, refers to special circumstances where spot prices are higher than futures prices (or near-term contract prices are higher than long-term contract prices), with a positive basis.