Buying Bitcoin without betting on a rally may not pay
Summary
A November 10 cash-and-carry calculation compared CME Bitcoin futures with Coinbase spot prices. The $119.27-per-BTC gross premium implied about 3.48% annualized carry, below the 3.88% SOFR benchmark. Financing a spot purchase for 17 days would cost roughly $135, leaving a $15.74 shortfall before execution, trading and other costs. The estimate relies on proxy prices, not proof that both legs were simultaneously executable; actual funding, margin and liquidity needs can differ. ETF fees and pricing add further complications. The figures suggest the observed premium alone did not make the hedged trade attractive under the illustrative borrowing assumption.
