To me, this indicates a gigantic "base" trade that is preventing btc from moving up: hedge funds are shorting spot and buying futures.
Who knows, maybe Blackrock is lending them btc to short..maybe Saylor does the same, but unlikely.
This would make little sense, as the futures are more expensive in normal conditions (contango, positive funding rate).
it depends:
https://www.investopedia.com/terms/b/basis-trading.asp
The speculator who takes the opposite side of this trade will have purchased futures contracts for 25 cents per bushel higher than the spot price (the basis). If that speculator hedged their bet by selling contracts at the spot price ($4.00 per bushel), they would now have a position that is long the basis.