On April 25th, Xinhuo Group's new Chief Economist Fu Peng posted a series of tweets on the X platform, breaking down his view of the underlying logic of Bitcoin. Fu Peng stated that the underlying business models of Bitcoin perpetual contracts and ETFs are essentially the same as the "deferred fees/overnight fees" in traditional finance's gold/industrial spot trading, which are stable cash flow models where large holders collect rent for long-term holdings, retail investors pay leverage fees for going long, and platforms indirectly extract fees.

Large-scale spot holders are not simply speculating on long positions, but act like "landlords": holding positions long-term + hedging to collect funding rates, continuously lowering holding costs. As long as the position does not shrink, the longer the time, the lower the cost, almost achieving "zero cost or even negative cost." "Many people mistakenly think that large holders are just shorting; in fact, they are rent-collecting landlords. The premium or discount in CME Bitcoin futures is essentially the market pricing this holding cost/rent, which is completely consistent with the logic of spot warehouse receipts, financing, and delivery back in the day."

BlockBeats believes that Fu Peng's remarks are not bullish or bearish on Bitcoin, but from the perspective of a hedge fund manager, narrating Bitcoin's evolution: Bitcoin has evolved from a purely sentiment-driven speculative asset into a mature asset with structural positive returns (rent/ funding rates), similar to gold and industrial commodities. Large holders and platforms are the long-term beneficiaries of this game, while retail investors' long-term leverage enthusiasm essentially pays rent to others.