More Than Arbitrage: $2.5B Inflow in Spot BTC ETFs Features Bullish Directional Bets

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“The bitcoin basis rate [futures premium] has been moving up, implying a bias towards long positioning, which tends to steepen the futures curve and increase contango. The same is reflected in the perpetual funding rate, which has increased to the highest level since July 2024,” André Dragosch, director, head of research – Europe at Bitwise, told CoinDesk.

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