Core Insights - The gap between spot and futures prices of Bitcoin is narrowing, leading to a significant decrease in institutional basis arbitrage trading through spot Bitcoin ETFs, indicating a structural change in the crypto derivatives market [1] Group 1: Market Dynamics - Bitcoin futures open interest on CME Group has fallen below $10 billion for the first time since 2023, and is now lower than that of Binance [1] - The decline in basis and annualized returns, along with increased trading cost thresholds, has diminished the attractiveness of ETF-futures arbitrage [1] Group 2: Institutional Participation - The changes in the market structure are not indicative of a complete withdrawal of institutional funds from the crypto market [1]
机构围绕比特币 ETF 的基差套利降温，CME 期货未平仓规模回落
Xin Lang Cai Jing·2026-01-21 17:29