Cryptocurrency market dynamics update! According to CoinDesk, analyst James Van Straten observed that since November 20, the open interest on CME has decreased by nearly 30,000 contracts, currently standing at 185,485 contracts. At the same time, net inflows into U.S. spot-listed ETFs have exceeded $3 billion. This phenomenon indicates a shift in investor strategy.

In the past, institutional investors commonly employed a spot-futures arbitrage strategy, profiting from the spread by holding long positions in ETFs and short positions in futures. However, despite the CME three-month futures' annualized basis still being as high as 16%, investors seem to prefer directly betting on Bitcoin's rise through ETFs. This shift in strategy is worth noting, as it may signal a change in market confidence.📈💼