According to online reports, according to CoinDesk, CME Bitcoin futures market data showed that Trump's bullish sentiment after winning the election has completely subsided. The spread between CME Bitcoin's "consecutive" monthly and near-month standard futures has narrowed to $495, falling to its lowest level since November 5 and falling sharply from its peak of $1,705 on December 17. Thomas Erdösi, product leader at CF Benchmarks, said: "The narrowing of the spread between CME Bitcoin futures in recent and next month suggests that traders are adjusting their price expectations." Since early March, the basis for contracts in recent months has been significantly lowered, indicating that the market has fully absorbed Trump's election, the main catalyst that previously drove the market up. Analysis shows that the market may have abandoned the narrative that "a pro-cryptocurrency president is good for the industry", and macro correlation has once again become the dominant factor in the market. Despite the narrowing of spreads, the CME futures curve remains at a futures premium (contango), indicating that recent market corrections have been driven mainly by the squeeze out of the market by unsecured spot bulls rather than by broader market contagion.