U.S. spot-listed bitcoin (BTC) exchange-traded funds (ETFs) experienced the second-biggest outflows of the year on Monday, dropping $516.4 million, Farside data shows.
The withdrawals, the ninth net outflow in 10 days, reflect a growing discomfort with the largest cryptocurrency, which has traded in a narrow price range between $94,000 and $100,000 for most of this month.
On Tuesday, bitcoin broke out of its three-month channel, falling below $90,000 and sliding to as low as $88,250.
According to Velo data, the bitcoin CME annualized basis — the difference between the spot price and futures — has dropped to 4%. This is the lowest since the ETFs started trading in January 2024. This is also known as the cash-and-carry trade, which is a market-neutral strategy that seeks to profit from the mispricing between the two markets.
The strategy involves taking a long position in the spot market and a short position in the futures market….
