Bitcoin perpetual futures have traded below spot prices for 156 consecutive hours, with the basis remaining negative since Nov. 6, according to CryptoQuant analyst Axel Adler Jr. Over the past day, BTC perpetuals carried a 0.047% discount to spot, reflecting persistent selling pressure on the derivatives side. Meanwhile, perpetual futures open interest climbed by 22,000 BTC over the past week to reach 367,400 BTC — one of the strongest weekly increases since August. The combination of rising open interest and a weakening basis leaves the market more vulnerable to forced deleveraging events, with any decline in open interest signaling leverage reduction.