CME Bitcoin futures have reached their lowest level since November 2022, with the annualized basis rate dropping to -2.35%. This market structure, known as contango, occurs when near-term contract premiums exceed those of long-term contracts, suggesting traders anticipate weaker prices in the future. This development follows a significant period of de-leveraging in the market. Historically, such conditions have often aligned with market bottoms, presenting both increased risks and potential opportunities for traders.