Core Insights - A significant shift is occurring in the crypto derivatives market, particularly affecting the cash-and-carry trade, which is showing signs of collapse [2][4] - Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has fallen below that of Binance for the first time since 2023, indicating a change in market dynamics [2][6] Market Structure Changes - The cash-and-carry trade, where institutions buy spot Bitcoin and sell futures to exploit pricing gaps, is diminishing, reflecting a deeper transformation in the crypto market structure [2][4] - The CME had been the preferred exchange for executing these trades, especially after the launch of spot Bitcoin ETFs in early 2024, which initially provided attractive returns [3][4] Yield and Returns - Annualized returns on the delta-neutral strategy, which previously reached double digits, have significantly decreased, with current one-month annualized yields around 5%, the lowest in years [4][5] - The basis, which was approximately 17% a year ago, has now compressed to about 4.7%, barely covering funding and execution costs, diminishing the trade's attractiveness [5] Open Interest Trends - CME Bitcoin futures open interest has dropped below $10 billion from a peak of over $21 billion, while Binance's open interest remains stable at around $11 billion, indicating a pullback from hedge funds and larger US accounts [6] - This shift does not represent a complete withdrawal from crypto but rather a strategic retreat as market conditions change [6] Trading Dynamics - Crypto exchanges like Binance dominate the perpetual futures market, which accounts for the largest trading volumes in the crypto sector [7] - CME has introduced smaller-sized, longer-dated futures contracts for crypto assets, allowing investors to hold positions for extended periods without needing to roll into new contracts [7]

Crypto things you might have missed:-Huge CLARITY Act updates from Davos-Banks to get "fully into crypto"-Coinbase drops fractional reserve truth bomb-Binance to list Ripple's RLUSD on XRPL-@Hyperware_ai HyprDAO claims are live!JOIN THE 10:30 AM LIVESTREAM ...

（来源：吴说） 据彭博社，随着比特币现货与期货价差持续收窄，以现货比特币 ETF 为载体的机构基差套利交易明显 降温，反映加密衍生品市场结构正在发生变化。数据显示，比特币期货在 CME Group 的未平仓合约规 模已从高点回落至 100 亿美元以下，并首次自 2023 年以来低于 Binance；这一变化主要源于基差与年 化收益率下滑、交易成本门槛抬升，削弱了 ETF-期货套利的吸引力，而非机构资金整体退出加密市 场。 ...

Hearing murmurs… any chance CZ shows up? 👀 ...

All eyes on Davos and crypto 🫡Binance Co-CEO @_RichardTeng sharing the crypto perspective on the global stage https://t.co/OEmRHCOx2B ...

BNB Trenching Szn includes 100,000 USDT in rewards through @AveaiGlobal’s New Year PK trading competition.Multiple ways to qualify, from a single onchain trade to volume and leaderboard rewards.Details are in the post 👇https://t.co/IDoHXJYYxGAve Global (💊, 💊) (@AveaiGlobal):🔥 BNB Chain On-Chain Carnival – AVE New Year PK Tournament Is About to Kick Off!💰100,000 USDT prize pool is ready — AVE devotes to help everyone unlock the @binance life⏰ Event Time: January 19, 2026, 22:00 – January 26, 2026, 24:00 (UTC ...

Sentient (SENT) token circulation will begin at 10:00 (UTC) on Jan 22, 2026.Users who have claimed Prime Sale Keys can check their balance and start trading SENT tokens on Binance Alpha as soon as the token goes live. https://t.co/L0Nb6MV2Bm ...

normal commute behavior https://t.co/i9QCHGAFYC ...

Like and Retweet if you want Binance #Binance to List1- $PFP2- $WKC3- $TROLL4- $MASK5- $MANYU6- $DOG7- $Bullish8- $BOSS9- #Fartcoin10- $CHILLHOUSE11- $NOBODY12- $jellyjelly13- $BRETT14- #OmiKami15- #FARTLESS https://t.co/N2GExAEsie ...

Ripple’s US dollar-backed stablecoin RLUSD is set to debut spot trading on Binance, expanding the token’s reach on one of the world’s largest digital asset exchanges. Key Takeaways: RLUSD will debut spot trading on Binance with Ethereum support, with XRPL integration to follow. Binance plans to expand RLUSD’s use through margin trading and future Binance Earn products. Ripple is positioning RLUSD as a regulated, payments-focused stablecoin for institutions. The launch will begin with support on E ...