Golden Finance reported that a large amount of SpotBTCETF outflows occurred again this week, with analysis suggesting that the core reason lies in the narrowing of the CMEBTC futures premium (the basis has dropped to about 4%), weakening the attractiveness of the “cash Arbitrage” strategy, especially given the current situation where the 10-year U.S. Treasury bond offers a risk-free return of about 4.3%. Arbitrage funds are more inclined to shift to safer investments. Other factors have affected market sentiment, but fundamentally, adjustments to professional traders’ Arbitrage strategies are the key to fund outflows. The BTC 30-day realized PNL ratio has not fallen below the trend line, implying that the Bull Market should still be continuing, and the current trend may be closest to that of 2017.
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