Golden Finance reported that spot Bitcoin ETFs were leaking out again this week. Analysts believe that the core reason is that the premium of CME Bitcoin futures narrowed (the basis dropped to about 4%), which weakened the attractiveness of the "cash arbitrage" strategy, especially when the current 10-year US Treasury provides about 4.3% risk-free returns, arbitrage funds tend to turn to safer investments. There are other factors that affect market sentiment, but in essence, the adjustment of arbitrage strategy for professional traders is the key to capital outflow. Bitcoin has achieved a profit-loss ratio on the 30th and has not fallen below the trend line, suggesting that the bull market should continue and the current trend may be closest to 2017.