Wu Shuo learned that David Duong, the head of institutional research at Coinbase, pointed out that although there is a claim of "the largest ETH short in history" in the market, it is actually institutional participation in CME basis arbitrage. The net inflow of ETH spot ETF in June was 1.16 billion US dollars, which is highly consistent with the scale change of CME's leveraged short position from 466 million US dollars to 1.6 billion US dollars during the same period. Due to the increase in CME ETH futures basis returns from 6% in February to 8-9% in May and June, institutions have been attracted to generate arbitrage profits by buying spot and selling futures. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=45089