According to CoinMeta, the yield on Bitcoin futures has collapsed, once exceeding 20%, and is now lower than the yield on government bonds. Since February, they have continued to perform poorly on a monthly basis. During the bull market in 2021, arbitrage trades on both regulated and unregulated crypto exchanges maintained a yield of over 20%. Currently, the yield on Bitcoin futures is only 3%, while the average yield on two-year government bonds is 3.8%. According to data source Glassnode, the basis for three-month futures has been below that of two-year government bonds since February for 157 consecutive days. If arbitrage profits are lower than those of short-term government bonds, traders will lose the incentive to invest funds in futures. In July, trading volume was only 880 million US dollars, continuing the downward trend since the peak of 1.47 trillion US dollars in February.