Since early April, U.S.-listed spot bitcoin ETFs have received over $5.61 billion in inflows, significantly contributing to total inflows exceeding $41 billion since January 2024. The influx is attributed to bold bullish directional bets rather than traditional arbitrage strategies, marking a shift in investment behavior. In April alone, these ETFs attracted $2.97 billion, with an additional $2.64 billion in May so far. Typically, institutions utilize these ETFs for non-directional arbitrage to exploit price discrepancies between futures and spot markets. However, recent data from the CFTC indicates that leveraged funds have cut down on their net short positions, suggesting a strategic pivot toward bullish positions. This trend reflects that major players are increasingly using ETFs to stake clear market forecasts regarding bitcoin's future. As of now, bitcoin is trading at $102,700, during a period of remarkable market recovery from a previous price of $75,000.

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