Mmastodon BusinessCrypto first seen 2 d ago, last 2 d ago, peak #5

Millennium, Goldman Sachs and Tudor slash Bitcoin ETF holdings

Original: Galaxy Research found that nine hedge funds and banks, including Millennium, Goldman Sachs and Tudor, cut 68,000 BTC of

Galaxy Research reports that nine hedge funds and banks, including Millennium, Goldman Sachs and Tudor, cut roughly 68,000 BTC from their spot Bitcoin ETF holdings, worth about $5.4 billion. The sell-off is attributed to the cash-and-carry trade losing its appeal, as the futures basis narrowed to 0.6 points over Treasury bill yields, leaving the arbitrage no longer profitable for large institutions.

Why now: A large coordinated exit by major institutions signals fading profitability of the Bitcoin ETF arbitrage trade, raising questions about institutional demand.

Galaxy ResearchMillenniumGoldman SachsTudorBitcoin ETF

Open on mastodon →

Evidence

• Galaxy Research found that nine hedge funds and banks, including Millennium, Goldman Sachs and Tudor, cut 68,000 BTC of spot Bitcoin ETF holdings, worth about 5.4B USD, as the cash-and-carry trade dried up. The futures basis narrowed to 0.6 points over Treasury bills, leaving… · crypto@eicker.news

API: https://socialmediatrends-api.osmike.com/v1/trends/4041896