$BTC Analyzing the annualized basis of Bitcoin futures on a three-month rolling basis, highlighting the evolution of returns over time, we see that on October 22, 2024, the annualized basis reached 9.6%, indicating a significant opportunity for cash-and-carry strategies. This strategy involves buying the asset in the spot market and simultaneously selling it in the futures market, capitalizing on the price difference. With yields almost double those of short-term U.S. Treasury bonds, this strategy becomes attractive, especially in a scenario where Fed rate cuts are expected. This could further boost institutional participation, increasing the liquidity and efficiency of the Bitcoin market. As the returns from cash-and-carry strategies surpass those of traditional financial instruments like Treasury bonds, Bitcoin positions itself as a viable and profitable alternative for institutional investors; and this trend not only increases market liquidity but also reinforces the legitimacy of Bitcoin as a financial asset