（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。 ...

Core Insights - The CME Bitcoin futures main contract fell by 1.51% to $118,000, with a weekly decline of approximately 0.10% [1] - The CME Ethereum futures main contract decreased by 1.31% to $3,725.50, but saw a weekly increase of about 3.70% [1] - Over the past seven days, Bitcoin spot trading fluctuated between slightly below $115,000 and slightly above $120,000, while Ethereum spot prices increased by over 5.80% [1]