Bitfinex: The "carry-trade" operation with $BTC has stopped generating profit. The basis remained below 5.5% annualized throughout the year, and last month dropped below 2%. 📉
Open interest in CME futures followed this trend, reaching its lowest level since the ETF launch in early 2024.
Funding is gradually increasing. For this operation to become profitable again, the basis needs to expand. 📈
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1July 27, 2026 2.2K 1
