BTC sentiment remains negative

When looking at the 6-month delta between BTC futures contract in Dec 2021 vs. Jun 2021, it appears to provide a forward-looking sentiment of the current BTC price action.

The Dec-Jun BTC delta line crossed above BTC reference line in Feb 2021 indicating positive forward sentiment.

The same delta line crossed below BTC reference line in Mar 2021, even though BTC continued to make new highs. This indicated weakening forward sentiment.

At present, the delta line remains well below the BTC reference line, and the gap is expanding, indicating continued weakness in the forward sentiment.