The bitcoin futures yield collapse: Once over 20%, now less than Treasury notes
CoinDesk·
60-second summary
Bitcoin futures' once-lucrative carry has evaporated, with quarterly basis yields now lagging behind two-year U.S. Treasuries, a sign of dwindling arbitrage opportunities and a maturing market. This shift indicates a reduced incentive for investors to buy futures, potentially impacting trading volumes and overall market liquidity, as the landscape becomes increasingly stable.
Bitcoin futures’ once-rich carry has evaporated, with quarterly basis yields trailing two‑year U.S. Treasuries since February, a sign of shrinking arbitrage and a maturing market.