$BTC Analyzing the annualized basis of Bitcoin futures on a three-month rolling basis, highlighting the evolution of yields over time, we see that on October 22, 2024, the annualized basis reached 9.6%, indicating a significant opportunity for 'cash-and-carry' strategies. This strategy involves buying the asset in the spot market and simultaneously selling it in the futures market, capitalizing on the price difference. With yields almost double that of short-term US Treasuries, this strategy becomes attractive, especially in a scenario where rate cuts by the FED are expected. This could further drive institutional participation, increasing the liquidity and efficiency of the Bitcoin market. As the returns from cash-and-carry strategies outperform those of traditional financial instruments such as Treasuries, Bitcoin positions itself as a viable and profitable alternative for institutional investors; and this trend not only increases market liquidity but also reinforces the legitimacy of Bitcoin as a financial asset