'Basis traders' are done dragging down Bitcoin price, says investment adviser

Alex Blume of Two Prime says the prolonged basis trade that pressured Bitcoin appears largely unwound, reducing a key mechanical drag on the market just as a dominant buyer (Strategy) accelerates accumulation. Futures open interest on CME has fallen below $10 billion and perpetual funding rates remain slightly negative, indicating shorts are paying to hold bearish bets. Meanwhile, Strategy acquired about 24,761 BTC (~$2.7 billion) between April 6–13 and now holds just under 781,000 BTC, supported by a $44 billion equity issuance plan. Blume calls this a “structural bid at scale,” which could change how the next leg of price discovery unfolds. Bitcoin is trading around $74,367 (down ~1.4% over 24 hours) and remains roughly 40% below its October peak near $126,000.