U.S. spot-listed bitcoin exchange-traded funds (ETFs) saw significant outflows on Monday, totaling $516.4 million, marking the second-largest outflow of the year. This reflects increasing unease with bitcoin, which has been trading within a narrow price range between $94,000 and $100,000 for most of the month. On Tuesday, bitcoin broke out of this range, dropping below $90,000. Additionally, data shows that the annualized basis for bitcoin CME has dropped to 4%, the lowest since ETFs began trading in 2024. This could prompt investors to close their positions in favor of higher returns, potentially leading to further outflows from the ETFs. Bitmex co-founder Arthur Hayes suggests that hedge funds that went long ETF and short CME futures may unwind their positions if the basis drops alongside bitcoin's fall.



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