According to CoinDesk, data from CME's Bitcoin futures market shows that Trump's bullish sentiment has completely subsided after Trump's victory. The spread between CME Bitcoin’s “consecutive” months and near-month standard futures has narrowed to $495, down to its lowest level since November 5, and a sharp decline from its peak of $1,705 on December 17. "The narrowing of the spread between CME Bitcoin's recent and next-month futures indicates that traders are adjusting their price expectations," said Thomas Erdösi, product leader at CF Benchmarks. The recent contract basis has been significantly lowered since early March, indicating that the market has fully digested Trump's election, the main catalyst that has previously driven the market upward. Analysis shows that the market may have abandoned the narrative that "pro-cryptocurrency presidents are beneficial to the industry", and macro correlation has become the dominant factor in the market again. Despite the narrowing of the spread, the CME futures curve is still in a futures premium (contango), indicating that recent market adjustments are driven mainly by the squeeze-out of the market rather than wider market contagion.