CoinVoice has recently learned that, according to a report by CoinDesk, analyst James Van Straten stated that since November 20, the open interest at CME has decreased by nearly 30,000 contracts to 185,485 contracts. During the same period, the net inflow of funds into U.S. spot-listed ETFs has exceeded $3 billion. This abnormal phenomenon indicates that investors are shifting towards a purely long strategy, rather than the previously common spot-futures arbitrage model.
James Van Straten explained that since the ETF was listed in January this year, institutional investors have mainly adopted a spot-futures arbitrage strategy, which involves holding long positions in ETFs and short positions in futures to earn the spread. Currently, the annualized basis for CME's three-month futures remains at a considerable level of 16%, significantly higher than the U.S. 10-year Treasury yield and Ethereum staking yield, but investors seem more inclined to bet directly on the rise of Bitcoin through ETFs. [Original link]
