Matrixport Analysis: Bitcoin ETF Fund Inflows Slow Down, Basis Narrowing is the Main Reason

Matrixport's report shows that the speed of fund inflows into Bitcoin ETFs has significantly slowed down, mainly due to the narrowing market basis.

Specific Analysis:

Retail participation remains low, and the trading volume in the Korean cryptocurrency market indicates that retail buying demand is not significant.

The lack of incremental buying support has led to the perpetual contract funding rate remaining low for a long time, compressing the arbitrage profit space and limiting the incremental fund inflows into Bitcoin ETFs.

It is believed that this is consistent with the judgment made in March 2024: without retail market driving the spot-futures price difference, the pace of institutional capital allocation is difficult to accelerate, resulting in an extended current consolidation phase.

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