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Recently, the price gap between Bitcoin spot and futures has noticeably narrowed, directly cooling the enthusiasm of institutions for basis arbitrage. The approach of using spot Bitcoin ETFs for arbitrage has now become much quieter.
From the data, the changes are quite interesting—The open interest of Bitcoin futures on CME Group has fallen from its historical high to below $10 billion. More notably, this is the first time since 2023 that it has dropped below this level. What does this indicate? It suggests that the landscape of the derivatives market is quietly changing, and many institutional investors are adjusting their strategies.
With the arbitrage space shrinking, the enthusiasm for participation naturally declines. This actually reflects a subtle shift in the supply and demand relationship of futures and spot markets across the entire crypto market.