🐋 WHALE WATCH: The CME Cash & Carry trade is dead for now. Institutions have been shorting futures and longing ETFs to farm the spread but with the basis yield now hitting the risk free rate there’s no incentive to stay in the trade. => CME Vol: 14 month low => OI: Dropping for 5 straight months => Market Lead: Binance flips CME for the first time since 23 The Paper Bitcoin bubble is popping. This makes the market much healthier for a real spot driven move. Patience is a virtue.(Whale Factor)