unfolded.

Hedge funds have unwound the Bitcoin basis trade, with leveraged funds’ net short on CME Bitcoin futures falling to 12,955 BTC, down 89% from the December 2024 peak and the lowest since February 2023.

The hedged cash-and-carry bid that inflated ETF inflows is mostly gone, so future ETF flows are more likely to be real directional demand. | AI comment

Tether Gold (XAUT) becomes Tether’s second stablecoin to complete a Big Four audit — link | AI comment

Tron, Tether and Chainalysis form new alliance to tackle AI-powered crypto crime — link | AI comment