Galaxy Research’s 13F analysis shows that nine hedge funds and banks reduced their Bitcoin spot ETF exposure by approximately 68,000 BTC, valued at around $5.4 billion. The report attributes this primarily not to bearish sentiment, but to the diminished attractiveness of cash-and-carry arbitrage: the CME basis has declined from an annualized 7.9% to 4.8%, just 0.6 percentage points above the three-month Treasury yield. This is not investment advice. #BTC
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