Bitfinex Weekly Report: Last week, the US spot Bitcoin ETF lost more than $100 million per day, with a total outflow of up to $544.1 million. Analysts believe that this is the result of the reaction of weak ETF investors to short-term negative news and the closing of basis/capital arbitrage caused by negative financing rates. It is worth noting that Bitcoin futures open interest has dropped sharply on trading platforms such as CME, which may be a sign of the unwinding of basis/capital arbitrage. At the same time, the reduction in holdings coincides with the negative financing rates and ETF net outflows on many exchanges in the past week, suggesting a significant reduction in financing arbitrage transactions. However, not all ETF outflows can be interpreted as spot sales. The current market sentiment is bearish, what do you think? Welcome to leave a message in the comment area to discuss!