ChainCatcher news, according to The Block, Glassnode analysts stated on Wednesday that a major factor influencing the demand-side pressure for U.S. spot ETFs is the adoption of cash-and-carry arbitrage strategies by institutional traders. As traders buy Bitcoin spot and immediately hedge by selling Bitcoin futures, this can alleviate the immediate upward pressure on spot prices. This spot arbitrage trading structure appears to be an important source of ETF demand. ETFs are used as a tool to gain long spot exposure, while at the same time, the net short positions in Bitcoin on the Chicago Mercantile Exchange's futures market are continuously increasing.Glassnode analysts stated: "Futures market data shows that open interest has stabilized above $8 billion, having previously reached a historical high of $11.5 billion in March 2024. This may indicate that more and more traditional market traders are adopting cash-and-carry arbitrage strategies."

ChainCatcher news, Singaporean crypto investment firm QCP Capital stated that the cryptocurrency market is facing some pressure for the following reasons:NFP data surprised the market: As expectations for interest rate cuts in July and September have weakened, U.S. Treasury yields have risen to recent highs;Macron calls for rapid elections in France: Due to increasing geopolitical risks in the EU, the EURUSD exchange rate has declined, which has strengthened the dollar and led to a general risk-averse sentiment;The market is in a risk-averse mode ahead of tomorrow's CPI and FOMC meetings. This month's FOMC meeting will also release the Dot Plot, informing the market how many interest rate cuts the Federal Reserve expects for the remainder of 2024;Yesterday, $64 million flowed out of BTC ETFs, possibly because traders are reducing risk ahead of tomorrow's events.QCP Capital believes that despite short-term resistance, this may be a good opportunity to accumulate cryptocurrencies. Potential positive events in the future, such as the eventual launch of the ETH spot ETF and the verbal arms race between Biden and Trump to win crypto votes, are worth looking forward to.They suggest buying BTC spot when the price is below $74,000 at a 13% discount ($58,000).

ChainCatcher news, according to market news, the New York Stock Exchange announced a partnership with Coindesk Indices to launch a financial product that tracks the spot price of Bitcoin.

ChainCatcher message, regarding the issue of "lifting the Chainlink price safety limit in the crvUSD oracle," Curve Finance responded on Twitter: "To clarify: Chainlink has no issues; it correctly displays the total of all spot price markets. However, for the algorithm we created, it is better not to use spot prices."ChainCatcher previously reported that Curve has proposed to disable the Chainlink price oracle limit for crvUSD. The proposal states that all price indicators in crvUSD have a +/- 1.5% "safety limit" from Chainlink. This means that if the Chainlink price deviates too much (1.5%) from the internal indicator price (EMA), it will use data from Chainlink's data source.

ChainCatcher News: ProShares, the issuer of the first ETF linked to Bitcoin futures in the U.S., stated that concerns about costs associated with derivatives trading leading to tracking errors are unfounded, as the product has closely tracked the spot price performance of Bitcoin from day one.It is reported that the ProShares Bitcoin Strategy Fund began trading on the New York Stock Exchange in October 2021 under the ticker BITO, allowing investors to gain exposure to Bitcoin without holding the asset. This ETF is the largest crypto fund globally, investing in regulated and cash-settled Bitcoin futures listed on the CME.Observers speculate that the performance of BITO and other futures-based ETFs will significantly lag behind Bitcoin. Typically, the trading price of longer-term futures contracts is higher than that of contracts nearing expiration, a situation known as futures premium. During bull markets, futures premiums tend to steepen, and the steeper the futures premium, the higher the costs.In response, ProShares Global Investment Strategist Simeon Hyman stated in an interview, "Concerns about rolling costs are misplaced. BITO has consistently tracked Bitcoin's price closely. Since its launch (as of July 18), BITO's return has been -54.5%, while Bitcoin's return has been -51.5%. Over half of the difference is due to BITO's annual fee of 95 basis points."According to Hyman, BITO will continue to closely monitor the spot price, as the interest income from cash held by the fund will offset the rolling costs closely related to U.S. economic interest rates.

According to ChainCatcher news and reported by CoinDesk, Skew data shows that after the Ethereum merge, the premium between futures and spot prices dropped from $20 to almost 0. The annualized rolling discount of 1-month Ethereum futures listed on the crypto options exchange Deribit narrowed from 17.66% before the conversion to 0.3%. The futures discounts on Kraken, OKX, and the Chicago Mercantile Exchange also significantly narrowed. Three-month futures are trading at parity or at a slight premium to spot prices on major exchanges, including Binance. (CoinDesk)