According to @CryptoQuant, current BTC return expectations are comparatively low, with the BTC basis rate standing at only 5.7% per annum, ranking at the 37th percentile. This low basis rate suggests limited arbitrage opportunities between BTC spot and futures, which undermines the potential profitability of Jim Chanos’ short MicroStrategy (MSTR) and long BTC trade. As a result, traders should closely monitor BTC basis rates and MSTR price movements for better timing and risk management. Source: @CryptoQuant.