Bitcoin Buyers Are 'Paid To Wait,' Glassnode Report Notes: Is That a Good Sign?

Bitcoin (CRYPTO: BTC) spot volume hit its lowest level since 2019 as Treasuries out-yielded the crypto carry trade for the second time on record, according to Glassnode's weekly report.

Why Institutions Are Sitting In Cash Instead Of Bitcoin?

Glassnode analyst Frederik Theissen said in the report that three-month futures basis has paid less than a two-year Treasury since February, meaning institutional desks earn more sitting in cash than running the crypto carry trade.

Only one other stretch on record lasted this long, from August 2022 into January 2023, and that one ended at the cycle low.

The downstream effect shows up across every surface.