GuShiio.com GuShiio.com learned that BitMEX co-founder Arthur Hayes tweeted that many IBIT holders are hedge funds that earn higher yields than short-term U.S. Treasury bonds by long ETFs and short CME futures. If the decline in BTC prices causes the basis (the gap between ETF prices and futures prices) to narrow, then these funds will sell IBIT and cover CME futures. These funds are currently profitable and will close their positions during U.S. trading hours to cash in on profits, given that the basis is close to U.S. Treasury yields. I think it dropped to $70,000.
read the original
