According to a fourth quarter report from cryptocurrency lender Genesis Capital, the lack of cash has caused futures premiums. The report explains two reasons why this happens, namely arbitrage and leveraged trading. But there is an interesting finding in the report that borrowing rose sharply before spot prices soared. The report said: "In less efficient markets such as Bitcoin, the steep curve may exist longer because there is not enough cash available for trading institutions to take advantage of this arbitrage. This has become a game to some extent The arms race, especially at a time when futures premiums are too high and borrowing rates are soaring. "In addition, the report also stated:" In addition to the steepening of the futures curve, leverage is also another major driver of cash demand because cryptocurrency Some people want to increase their positions, and they speculate that market prices will rise. "