📢Hot News! According to Odaily Planet Daily, the latest data from the cryptocurrency trading platform Bitfinex shows that the US spot Bitcoin ETF lost more than $100 million per day last week, and the total outflow amount reached a staggering $544.1 million! 💸💸
Analysts pointed out that this outflow of funds was due to the reaction of weak ETF investors to short-term negative news and the basis/capital arbitrage liquidation caused by negative financing rates. 📉📉
It is worth noting that the open interest of Bitcoin futures on the Chicago Mercantile Exchange (CME) and other trading platforms has dropped sharply, which is one of the signs of basis/capital arbitrage unwinding. 🔍🔍
Moreover, the reduction in holdings coincides with the negative financing rates on many exchanges in the past week, and also coincides with the net outflow of ETFs, indicating that the financing arbitrage transactions related to ETF fund flows have been greatly reduced. 📊📊
However, we must recognize that not all ETF fund outflows can be interpreted as spot sales. As the short-term trend of crypto assets remains weak, the current market sentiment remains bearish. 😔😔
Despite this, we remain optimistic about the prospects of Bitcoin! 🚀🚀