This week saw a large outflow of Bitcoin ETFs in the spot market, analysts believe the core reason is due to the narrowing premium on CME Bitcoin futures (the basis has dropped to about 4%), which has weakened the appeal of "cash arbitrage" strategies. Especially under current conditions where 10-year U.S. bonds offer approximately 4.3% risk-free returns, arbitrage funds are more inclined to shift towards safer investments. Other factors have affected market sentiment, but essentially adjustments in professional traders' arbitrage strategies are key to capital outflows. The Realized Profit/Loss Ratio for Bitcoin over the past 30 days has not broken through its trend line, suggesting that the bull market should still be continuing and its current trend may be most similar to that of 2017.