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How valuable is Bitcoin's trust minimization versus Ethereum's?

You don't need to guess, market is already pricing the difference between their convenience yield:
- ETH futures trade in contango (more expensive than coins in self-custody).
- BTC futures trade in backwardation.
There are multiple reasons to sell BTC futures, pushing their price down:
- Hedging future mining revenues.
- Hedging investments, avoiding to realize accumulated profits.
- Hedging price risk (volatility) if you are just interested in the trust-minimization Bitcoin provides.
Apparently there are not so many good reasons to buy BTC futures atm, even when they trade at a significant discount from spot. People strongly prefer to hold the coins today over the promise of a future delivery. The main reason to buy BTC futures is to obtain leverage.
Meanwhile, in ETH the demand of leverage for speculation dominates the market, pushing the price of futures in contango well over spot price. It says a lot about the purpose of each coin holders.
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