Analysis: In an efficient market, the market's bullishness or bearishness has no direct impact on the futures maturity structure of Bitcoin and ETH

Derek data analysis company Skew tweeted that the ETH futures market has not yet determined whether the term structure should be cis or reverse, as shown below. In an efficient market, the bullish or bearish market has no direct impact on the futures term structure. The futures term structure should only depend on interest rates and holding costs, and price imbalances between institutions will be mediated. Unless there is a significant difference between these institutions in perceived credit / regulatory / political risk, there is no pure arbitrage.