The contango (Bitcoin futures curve) has been nothing short of a god send for miners and a curse for specs. However, just like in Dec17, it remains to be seen how long the overstretched levels will last. The current dynamic is such that not only are miners able to capitalize on the parabolic advance in prices but they can also lock in prices for the next 3-6 months at a premium over the spot market. This premium ranged from $400-900 at the end of last week before coming down to a mere $300 over the weekend. Given that the CME futures are not traded over the weekend, that is traditionally when more sensitive price action takes place. Nonetheless, the dramatic nature of the collapse in contango delta over the weekend ought to serve as a reminder of the fragile nature of the recent rally.