According to online reports, David Duong, director of research at Coinbase, issued an article saying that recent claims about "the largest short position in ETH in history" were seriously exaggerated. He pointed out that the net inflow of Ethereum spot ETFs reached US$1.16 billion in June, while the short position of leveraged funds on the Chicago Mercantile Exchange (CME) Ethereum futures increased from US$466 million in early May to US$1.6 billion on June 24, an increase basically in line with the inflow of ETF funds. Duong explained that this phenomenon is mainly driven by basis trading. As the basis yield provided by CME Ethereum futures compared with spot rose from an average of 6% in February to 8%-9% in May and June, it attracted more institutions to participate in arbitrage by buying spot and selling futures. It does not mean that they hold pessimistic expectations for ETH.