#HedgeFundsCMEBitcoinNetShortsFall89%
🧮 115,985 BTC to 12,955: The Bitcoin Carry Trade Is Fading
Hedge funds unwound most of the CME basis trade, so ETF flows now show more real demand and less arbitrage.
📉 Leveraged funds' net short: 12,955 BTC on Nov 3, -89% from Dec 2024
📊 Lowest net short since February 2023, per CFTC data
⚠️ CME basis ~4.8% a year, barely above Treasury yields
🏦 Open interest 17,527 contracts, down 15.7% in a week
My read: less arbitrage buying, but less hidden support on dips too.
Healthier market or thinner cushion in the next 30 days? 👇
$BTC
#Bitcoin #ETF #HedgeFundsCMEBitcoinNetShortsFall89%
🧮 115,985 BTC to 12,955: The Bitcoin Carry Trade Is Fading
Hedge funds unwound most of the CME basis trade, so ETF flows now show more real demand and less arbitrage.
📉 Leveraged funds' net short: 12,955 BTC on Nov 3, -89% from Dec 2024
📊 Lowest net short since February 2023, per CFTC data
⚠️ CME basis ~4.8% a year, barely above Treasury yields
🏦 Open interest 17,527 contracts, down 15.7% in a week
My read: less arbitrage buying, but less hidden support on dips too.
Healthier market or thinner cushion in the next 30 days? 👇
$BTC
#Bitcoin #ETF #HedgeFundsCMEBitcoinNetShortsFall89%
