1/ For months, hedge funds were exploiting a low-risk yield trade using BTC spot ETFs & CME futures.
This is how it worked:
✅ Buy Bitcoin spot ETFs (BlackRock, Fidelity)
✅ Short BTC futures on CME
✅ Farm the spread for ~5.68% annualized returns
Some were even using leverage to juice their returns into double digits.
But now? It’s imploding.