PANews reported on March 3 that Matrixport analysis pointed out that since the launch of the Bitcoin ETF in January 2024, the scale of fund outflows this month has hit a new high, which may be related to the closing of hedge fund basis trades (long ETFs, short futures). This trend is consistent with the reduction of $8 billion in open interest in CME Bitcoin futures after the Federal Reserve's December 2024 FOMC meeting, a drop of more than 20% of the total ETF inflows.

In addition, the expiration of February futures contracts may also be a source of selling pressure, but this factor has been priced in by the market. Matrixport believes that as the impact gradually weakens, hedge funds may reduce ETF selling and re-evaluate arbitrage opportunities in late March. At present, ETF selling pressure seems to have stopped temporarily.