The bitcoin futures basis, the difference between the futures and spot price, has increased to levels not seen since the digital asset's previous all-time high of over $68,000 in late 2021.

"The basis is currently 18% to 25% annualized which are values we have only seen in 2021," Deribit Chief Commercial Officer Luuk Strijers told The Block.

Strijers added that the elevated annualized basis allows derivatives traders to lock in significant returns by buying spot bitcoin and selling nominally equivalent futures contracts at a higher price simultaneously. This trade provides a dollar gain that can be realized at expiry regardless of bitcoin's fluctuating value.

Strijers said that the disparity between the spot price of bitcoin and its futures price reflects the growing …