TechFlow News, February 11: Matrixport published an analysis stating that the inflow pace of Bitcoin ETF funds has significantly slowed, primarily due to narrowing market basis. The report notes that retail participation remains persistently weak, with Korean crypto market trading volume data showing no notable retail buying demand. In the absence of incremental buying support, perpetual contract funding rates have remained low for an extended period, thereby compressing the profit margin for basis trading (cash-and-carry arbitrage) and constraining additional fund inflows into Bitcoin ETFs.
Analysts believe this validates their March 2024 assessment: without a retail-driven rally to expand the spot-futures price spread, institutional allocation timing cannot accelerate, prolonging the current consolidation phase.
