According to Bloomberg, as the price gap between Bitcoin spot and futures continues to narrow, institutional basis arbitrage trading using spot Bitcoin ETFs has significantly cooled down, reflecting structural changes in the crypto derivatives market. Data shows that the open interest in Bitcoin futures on CME Group has dropped from its peak to below $10 billion and, for the first time since 2023, is lower than Binance. This shift is mainly due to the decline in basis and annualized returns, as well as higher trading cost thresholds, which have reduced the appeal of ETF-futures arbitrage, rather than an overall withdrawal of institutional funds from the crypto market. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=55469