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