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Foresight News reports that BIT tweeted, "Unlike in 2022, during this round of Bitcoin's downward cycle, crypto hedge funds can no longer reliably earn arbitrage profits from spot-futures basis trading as they once did. This strategy typically involves buying spot and selling futures to capture the price difference between them. Previously, after deducting SOFR-based financing costs, such unleveraged strategies could achieve an annualized return of 5%–10%. However, as interest rates have risen and retail participation in futures trading has decreased, the related premium has continued to narrow."Data also confirms this change: Currently, Bitcoin's annualized funding rate is about 2.9%, lower than SOFR's 3.7%. This means the spread between the funding rate and SOFR has turned negative since February 2026. This trend can be traced back to February 2025, when retail participation started to decline. As arbitrage returns decrease, some crypto hedge funds may choose to adopt a wait-and-see approach, while others may face redemption pressure."

Glonghui, June 30 — According to a research report published by CICC, Yum China’s same-store sales in the second quarter are expected to improve quarter-on-quarter, with a slight room for further increase in the full-year operating profit margin. Yum China has announced plans to acquire ownership of the Pizza Hut brand in China. CICC expects this will help increase its earnings per share, enhance operational flexibility, and accelerate brand development. The bank is optimistic about the company’s continued innovation in products and modules, as well as ongoing marketing campaigns to maintain resilient same-store performance. The bank maintains its earnings forecast and its “outperform” rating on Yum China’s US shares, with a target price of $61, corresponding to a forecast adjusted P/E ratio of approximately 21 times and 18 times for 2026 and 2027, respectively.

```htmlGolden Ten Data reported on June 30 that France's June inflation rate fell more than market expectations, indicating that price pressures are starting to ease against the backdrop of easing US-Iran tensions leading to lower energy costs. Data released by France's National Institute of Statistics on Tuesday showed that the year-on-year increase in consumer prices slowed from 2.8% in May to 2.0%, while markets expected inflation to drop to 2.3%. The National Institute of Statistics stated that this slowdown in inflation was mainly due to a sharp deceleration in energy prices, especially oil prices. In addition, the rise in service prices has also narrowed, but to a lesser extent. The cooling of inflation is primarily influenced by expectations of a preliminary peace agreement being reached between the US and Iran, which led to a sharp drop in energy prices in June. The slowdown in inflation is a positive signal for the European Central Bank. Earlier this month, the ECB carried out its first rate hike in nearly three years, becoming the first major central bank to take action in response to price increases driven by the Iran war. However, policymakers are expected to remain cautious, continuing to assess whether the recent energy-driven price pressures are just temporary or will have a more lasting inflationary impact.```