ChainCatcher message, interesting trends have emerged in the market recently! According to CoinDesk, analyst James Van Straten pointed out that since November 20, the number of open contracts at CME has decreased by nearly 30,000, down to 185,485. This change sharply contrasts with the net inflow of over $3 billion into the U.S. spot-listed ETF.

This unusual phenomenon reveals a shift in investor strategy. In the past, institutional investors primarily relied on spot-futures arbitrage strategies, earning spread profits by holding long positions in ETFs and short positions in futures. However, investors now seem to prefer to bet directly on Bitcoin's rise through ETFs, abandoning the arbitrage model.

Although the annualized basis for CME three-month futures remains as high as 16%, far exceeding other traditional investment returns, market sentiment clearly favors Bitcoin's long-term growth potential. This trend is worth continued attention to gauge the future direction of the market.