币界网报道:The premium for Bitcoin futures on CME has sharply narrowed to 4.3%, the lowest since October 2023, signaling reduced institutional demand amid steady BTC prices above $100,000. According to 10x Research, perpetual futures funding rates turned negative, reflecting bearish sentiment and declining arbitrage activity. Markus Thielen noted the drop coincides with muted retail participation and low spot volumes. Padalan Capital highlighted the inversion of CME-to-spot basis for BTC and Ethereum, indicating institutional hedging or unwinding of cash-and-carry trades. These trends suggest weakening speculative interest and potential price consolidation.