The CFTC position report shows that leveraged funds' long positions in CME Bitcoin futures have dropped from 68% in 2023 to 41% by January 2026. In 2023, Bitcoin's 30-day implied volatility (BVIV) averaged 65%, providing ample room for futures premiums. However, in the second half of 2025, BVIV consistently hovered between 38%-45%, and by early January 2026, it fell below 38%, hitting a three-year low. With prices moving sideways for four months, the futures-spot price spread naturally converged to nearly zero.