Bitwise crypto fund USCC posts 5.9% return as futures-spot gap widens

Bitwise’s market-neutral crypto fund USCC achieved a 5.9% annualized return over the past 30 days as the futures basis, or the gap between futures and spot prices, increased. The fund employs a cash-and-carry strategy, purchasing major spot assets like BTC and ETH while selling futures contracts to capture the premium spread without directional risk. It also incorporates liquid staking assets, including weETH and JitoSOL, to enhance yield. The rise in arbitrage returns indicates a broader increase in futures premiums amid bullish market sentiment. The fund currently manages approximately 137.7 million dollars in assets. Bitwise acquired management rights to the tokenized fund from Superstate in June, and the product facilitates DeFi integration while providing higher returns than short-term Treasuries.