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THE 'EASY MONEY' BITCOIN TRADE THAT WALL STREET IS STARTING TO NOTICE In today's

newsletter, I wrote about the extreme contango in the Bitcoin futures market, and the theoretical yield opportunity that this presents Sign up here: bloomberg.com/account/newsle

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Here's

piece from late March on

@BlockFi

, and the connection between the Bitcoin futures basis trade, and the fat returns they're offering to depositors

bloomberg.com

Crypto Shadow Banking Explained and Why 12% Yields Are Common

Joe Weisenthal

@TheStalwart

Apr 12, 2021

Here's the Sam tweet in the piece

Quote Tweet

SBF

@SBF_FTX

Apr 8, 2021

People in crypto want to be long $4T. They have $1T. The outside world is willing to lend $0.5T, but beyond that various risk comities are like "uh idk let's get back to this one next year". So mkt cap is $2T, and people bid up interest rates on the other $0.5T of exposure. twitter.com/tolstoybb/stat…