Bitcoin basis trade unwind reflected in shifting futures market and lack of inflows

Bitcoin futures on CME have plummeted by nearly 40,000 BTC from their peak, and the dramatic single-day drop on June 28 stands out. Meanwhile, Binance is staging a comeback, nearing its past dominance as it challenges CME's market share. This shift points to traders potentially closing basis trades—a strategy involving long positions in spot ETFs and shorts in futures. But what’s driving such rapid changes? Discover how an intriguing market dynamic and a costly funding rate are reshaping...

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