According to reports, the head of research at a certain trading platform indicated that despite claims of "the largest ETH shorting in history" in the market, it is actually institutional participation in CME basis arbitrage. In June, the net inflow of ETH Spot ETF reached $1.16 billion, which highly corresponds with the scale change of CME leveraged short positions, increasing from $466 million to $1.6 billion during the same period. Due to the CME ETH futures basis yield rising from 6% in February to May and

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