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For most of the year, Treasuries out-earned BTC’s futures carry for 157 days — a rare stretch. That flipped on August 7, when BTC futures carry moved back above Treasury yields, alongside $853.5M in spot ETF inflows. The key now: does this reversal hold? Months of thin carry meant thinner leveraged liquidity. That depth won’t return overnight. #WeakConsumptionFedSplit #SP500EarningsGap #BTCETFsVsLeverage Not financial advice. $BTC