Quarterly basis yields on bitcoin futures have fallen below two-year U.S. Treasury yields since February, signaling reduced arbitrage opportunities.
Bitcoin futures yields have collapsed, with quarterly basis yields now trailing two-year U.S. Treasury notes. The decline, observed since February, marks a shift from yields once exceeding 20% to levels now below traditional safe-haven assets.
The drop reflects shrinking arbitrage opportunities and a maturing market, as traders adjust to reduced carry trade profitability. Earlier this year, bitcoin futures yields were a key driver for institutional interest, but recent trends suggest a normalization in demand dynamics.
No immediate market reaction was reported, though the shift may influence hedging strategies and risk appetite among crypto-focused investors.