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Ethereum futures backwardation hints at 30% 'airdrop rally' ahead of the Merge

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Ether (ETH) bulls like a positive spread between its spot and ETH futures prices because the so-called contango reflects optimism about a higher rate in the future.

But as of Aug. 1, the Ethereum futures curve slid in the opposite direction.On the daily chart, Ethereum futures quarterly contracts, scheduled to expire in December 2022, have slipped into backwardation, a condition opposite to contango, wherein the futures price becomes lower than the spot price.

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