The annualized basis yield on Bitcoin futures, once over 20% during the 2021 bull market, has fallen to just 3%, consistently underperforming the average 3.8% yield on two-year U.S. Treasuries since February. This trend, which has lasted over five months, marks the longest such period since August 2022 to January 2023, according to Glassnode. The collapse in yield reduces the incentive for carry traders to deploy capital into futures, contributing to a slowdown in Bitcoin futures activity, with July volume at $880 million, down from February's $1.47 trillion peak. This shift indicates greater market liquidity and maturation, as shrinking inefficiencies lead to tighter bid-ask spreads and fewer arbitrage opportunities.