Woofun AI reports that Bitcoin futures have shifted to a premium over the spot price, ending a month-long period of discount trading. On-chain analyst Axel Adler Jr. notes that while the basis turned positive in late May and the 30-day moving average has recovered, the current premium remains modest. Adler cautions that the surge in new long positions is not yet substantial enough to confirm a sustainable shift in market direction or a definitive trend reversal.