Deep Tide TechFlow news, on December 4, according to CoinDesk, analyst James Van Straten stated that since November 20, CME's open interest has decreased by nearly 30,000 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 to a purely long strategy, rather than the previously common spot-futures arbitrage model.
James Van Straten explained that since the ETF listing in January this year, institutional investors have mainly adopted spot-futures arbitrage strategies, holding both long positions in ETFs and short positions in futures to profit from the price difference. Currently, the annualized basis of CME's three-month futures remains at a considerable level of 16%, far higher than the U.S. 10-year Treasury bond and Ethereum staking yields, but investors seem more inclined to directly bet on Bitcoin's rise through ETFs.
