Bitwise 14% yield gap in XRP futures shows how institutions are quietly extracting cash from traders

Bitwise has given the market a rare look inside an institutional XRP carry trade. The Bitwise Crypto Carry Fund , or USCC, paired XRP held in custody with an almost equal short position in September Coinbase XRP futures. The structure was 97.48% matched by quantity, leaving limited exposure to a parallel move in XRP while positioning the fund to collect the premium between futures and spot. At 4 p.m. EDT on Sept. 1, Bitwise's holdings table showed 10,781,438.36 XRP in custody and a displayed fut