On August 7, the Bitcoin carry trade on CME futures contracts hit an annualized return of 5.69% to 7.89%, beating the 4.19% yield on US two-year Treasuries recorded the same day. The 30-year yield touched 5.27%, its highest since 2007. Hedge funds turned bullish on Bitcoin for the first time in years according to CME data, while spot Bitcoin ETFs saw 865 million dollars in inflows for the week ending August 7, with 694 million going to BlackRock’s IBIT alone. The key figure to watch remains the net spread after costs, to be read alongside CME open interest and ETF flows.
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