Bitwise’s market-neutral crypto fund, the USCC, has posted a 5.9% annualized return over the past 30 days, driven by a widening gap between futures and spot prices. The fund employs a cash-and-carry strategy, buying major spot assets like Bitcoin and Ethereum while simultaneously selling futures contracts to capture the premium spread without taking directional market risk.

How the Strategy Works

The cash-and-carry approach is a well-established arbitrage technique in traditional finance, and its application in crypto has gained traction among institutional investors seeking yield without exposure to price swings. By holding spot assets and shorting futures, the fund locks in a spread that reflects the market’s bullish sentiment….