According to online reports, K33 Research said that the premium of CME Bitcoin futures contracts relative to spot market prices has dropped. According to crypto data tracker Amberdata, open interest contracts with exercise prices of $80,000 have surged in the past 24 hours. Vetle Lunde, director of research at K33 research, said: "The market appears to be cooling, with the CME benchmark contract falling since yesterday's close and hovering around 10% throughout the day, down from 13%-16% since the U.S. election, which may be a subtle hint of a easing of risk conditions." The unwinding of leveraged bullish bets across the crypto market partly caused Bitcoin to fall back from record highs. According to data compiled by Coinglass, long positions have been closed twice as many as short positions in the past 24 hours, at $447 million and $207 million, respectively.