Deribit-Listed Bitcoin (BTC) Futures, set to expire this Friday now lasts marginally during the exchange’s index price, which flashes a discount in a sign of weak demand for cryptocurrency.

“What we have seen is that near-tenor (7D and shorter) yields have dipped the negative for the first time over a year,” Andrew Melville, a research analyst at Block Scholes told Coindesk in a telegram chat. “This means that the futures prices act under the place, which we take as a marked bearish indicator.”

Deribit is the world’s leading crypto option exchange and a preferred place for sophisticated dealers who want to use synthetic strategies involving futures, opportunities and spot markets.