Large investors hold long-term positions and collect rent through hedging transactions, effectively lowering their average cost basis. For them, Bitcoin becomes an asset that generates interest; as long as their total position size doesn't decrease, over time the cost basis becomes so low that they almost break even. Many ordinary people mistakenly view large investors simply as short sellers; they are more like landlords collecting rent. This logic was consistent with some of the previous domestic industrial commodity spot exchanges. Large investors held physical assets long-term and collected rent through warehouse receipts, financing, and delivery, continuously lowering their average cost basis. The forward spread in CME Bitcoin futures essentially reflects the market's pricing of borrowing costs during that period. Collateral fees are essentially a reflection of funding rates. Whether the forward structure is at a discount or premium, it reveals the market's expectation of holding costs, which is completely consistent with the rent-collecting logic of large physical investors.