(1) So-called "basis traders" are done dragging down the Bitcoin market just as one dominant buyer is accelerating its purchases, according to Alex Blume, CEO of investment adviser Two Prime. The sharp drop in futures positioning shows that what's known as the “basis trade,” which weighed on the market for months, is largely finished. Meanwhile, Bitcoin treasury firm Strategy has stockpiled nearly $60 billion in the top crypto. “When directional capital makes a decision, it moves [the] price,” Blume said in a note shared with DL News. “The combination of one large directional buyer systematically accumulating while hedged yield farmers exit is an unusual market structure.”