ChainCatcher message, Matrixport’s analysis states that the inflow of funds into Bitcoin ETFs has significantly slowed down, mainly due to the narrowing of the market basis.
The report points out that retail participation remains low, and trading volume data from the Korean crypto market shows that retail buying demand is not obvious. Due to the lack of incremental buying support, the funding rate for perpetual contracts has remained low for a long time, which compresses the profit space of basis trading (cash-and-carry arbitrage), limiting the inflow of incremental funds into Bitcoin ETFs. Analysts believe this confirms the March 2024 judgment: without retail-driven spot-futures spread movement, institutional capital allocation cannot accelerate, leading to an extended consolidation phase.
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