PANews reported on February 27 that according to bnnbloomberg, Bitcoin ETFs have seen outflows of about $2.1 billion for six consecutive days, the longest period of outflows since June last year. Matthew Sigel, head of digital asset research at VanEck, believes that the record outflows may be due to hedge funds unwinding a popular strategy of "basis trading," which exploits price differences between spot and futures markets to make profits. Some hedge funds use ETFs to profit from the volatility of cryptocurrencies or hedge short positions in derivatives. "This strategy involves buying Bitcoin spot (usually through ETFs) while shorting Bitcoin futures to lock in low-risk returns. However, profits from this type of trading have fallen sharply recently, making it much less attractive. As a result, hedge funds that use ETFs to implement this strategy may have closed their positions, leading to large redemptions."