Pei Peng's operation of collecting rent, who would do it, teach me, thank you

Pei Peng discusses the underlying logic of Bitcoin: large investors have become "landlords," retail leverage trading is essentially paying rent
On April 25th, Xinhuo Group's new Chief Economist Pei Peng posted a series of tweets on the X platform, breaking down his view of Bitcoin's underlying logic. Pei Peng states that the underlying business model of Bitcoin perpetual contracts and ETFs is essentially the same as the "deferred fee/overnight fee" in traditional financial gold/industrial spot trading, which is a stable cash flow model where large investors hold long-term positions to collect rent, retail traders pay leverage fees to go long, and platforms indirectly extract fees.
Large-scale spot holders are not simply speculating on longs, but act like "landlords": holding long-term positions + hedging operations 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 investors are just shorting; in fact, they are landlords collecting rent. 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 then."
BlockBeats believes that Pei Peng's remarks are not bullish or bearish on Bitcoin, but from the perspective of a hedge fund manager, explaining 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 investors and platforms are the long-term beneficiaries of this game, and retail traders' long-term leverage enthusiasm is essentially paying rent to others. $BTC
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