On May 18, Deribit futures exchange wrote:
Monthly and Quarterly Future
As many of you would already have noticed we introduced a Monthly future and the market is quoted really tight. Often there are spreads of just $0,01! As of time of writing there is an annualized premium of 172% on the Monthly and 51% on the Quarterly. Want to go long, short or hedge your position? Come check it out now!
Today these rates are dramatically lower, at 5% and 7%.
What can the contango in futures tell us about where price is headed? Premiums for bitcoin in Asia are also not as extreme, prices in krw have fallen by 33% in that overheated market:
https://www.korbit.co.kr/marketThis article asks about the real use case of bitcoin, a call for caution:
http://www.zerohedge.com/news/2017-06-02/raoul-pal-slams-bitcoin-“it’s-not-store-value-people-thought-it-was”
Another well-written call for caution from early May:
https://www.dash.org/2017/05/03/Cryptosphere.html