Analysis: Most Bitcoin ETF inflows may be part of non-directional strategies, not bullish bets

Odaily News Bitcoin spot prices continue to trade in a narrow range despite record inflows into U.S.-listed spot Bitcoin ETFs. ETF inflows appear to be part of non-directional cash and carry strategies and do not necessarily represent outright bullish bets. “Entities buy ETFs and sell [CME] futures to lower the basis in some major markets, which nets the entity a profit, which is why ETF inflows are high but spot is relatively unchanged,” anonymous market observer CMS Holdings said on the X platform. This strategy is often referred to as cash carry and aims to profit from the premium of the futures market relative to the spot market. (Coindesk)