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According to Bloomberg, the "cash-and-carry" strategy, once considered a "low-risk arbitrage" in the Bitcoin derivatives market, is becoming ineffective. As a large influx of institutional funds enters, the spot-futures spread has significantly narrowed, and the annualized return has dropped from about 17% to 4.7%, making it almost impossible to cover funding costs. CME pointed out that some institutions are shifting from Bitcoin to assets like Ethereum and exploring more complex strategies within DeFi.
In the context of the retreat of "risk-free returns," where will institutions bet next? How should ordinary investors respond to the market changes brought about by strategy shifts?