Analysts: Recently, ETF investors are shifting towards pure long strategies instead of executing arbitrage models

ChainCatcher news, according to CoinDesk, analyst James Van Straten stated that since November 20, CME's open interest has decreased by nearly 30,000 contracts to 185,485 contracts. During the same period, net inflows into U.S. spot-listed ETFs exceeded $3 billion. This unusual phenomenon indicates that investors are shifting towards a purely long strategy, rather than the previously common spot-futures arbitrage model.

James Van Straten explained that since the ETF listing in January this year, institutional investors have primarily adopted a spot-futures arbitrage strategy, which involves holding long positions in ETFs and short positions in futures to profit from the price difference. Currently, the annualized basis for CME three-month futures remains at a substantial level of 16%, significantly higher than the U.S. 10-year Treasury yield and Ethereum staking yield, but investors seem more inclined to directly bet on Bitcoin's upward trend through ETFs.