Bitwise 14% yield gap in XRP futures shows how institutions are quietly extracting cash from traders
Its 10.8 million-XRP custody position is 97.5% offset by futures, and CFTC categories complicate the obvious answer. The post Bitwise 14% yield gap in XRP futures shows how institutions are quietly extracting cash from…
Bitwise has given the market a rare look inside an institutional XRP carry trade. The Bitwise Crypto Carry Fund , or USCC, paired XRP held in custody with an almost equal short position in September Coinbase XRP futures. The structure was 97.48% matched by quantity, leaving limited exposure to a parallel move in XRP while positioning the fund to collect the premium between futures and spot. At 4 p.m. EDT on Sept. 1, Bitwise's holdings table showed 10,781,438.36 XRP in custody and a displayed futures quantity of negative 10,510,000. The futures row carried a 14.57% implied-yield label. The…
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Source: CryptoSlate
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