Golden Finance reported that this week, a large amount of Al Contado BTC ETF outflows occurred again. The analysis believes that the core reason lies in the narrowing premium of CME BTC futures (the basis has dropped to about 4%), weakening the attractiveness of the 'cash Arbitraje' strategy. Especially in the current situation where the 10-year US Treasury bond offers about 4.3% risk-free return, Arbitraje funds are more inclined to shift towards safer investments. Other factors have also affected market sentiment, but fundamentally, the adjustment of professional traders' Arbitraje strategies is the key to fund outflows. The BTC 30-day realized Profit/Loss Ratio has not fallen below the trend line, implying that the bull market should still be continuing, and the current trend may be closest to 2017.
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El diferencial de prima de los futuros de Bitcoin de CME se estrecha, cayendo a alrededor del 4%, acercándose al rendimiento de 2017.
Golden Finance reported that this week, a large amount of Al Contado BTC ETF outflows occurred again. The analysis believes that the core reason lies in the narrowing premium of CME BTC futures (the basis has dropped to about 4%), weakening the attractiveness of the 'cash Arbitraje' strategy. Especially in the current situation where the 10-year US Treasury bond offers about 4.3% risk-free return, Arbitraje funds are more inclined to shift towards safer investments. Other factors have also affected market sentiment, but fundamentally, the adjustment of professional traders' Arbitraje strategies is the key to fund outflows. The BTC 30-day realized Profit/Loss Ratio has not fallen below the trend line, implying that the bull market should still be continuing, and the current trend may be closest to 2017.