Odaily星球日报讯 Glassnode 分析师表示，影响美国现货 ETF 需求侧压力的一个主要因素是机构交易员采用现购套利策略。由于交易员购买比特币现货并立即通过出售比特币期货进行对冲，这可以减轻现货价格的即时上行压力。Glassnode 分析师表示：这种现货套利交易结构似乎是 ETF 需求的重要来源。ETF 被用作获取多头现货敞口的工具，与此同时，芝加哥商品交易所集团期货市场上比特币的净空头仓位正在不断增加。（Theblock）

Glassnode：现购套利交易正在影响美比特币现货ETF的买方侧压力

Odaily Odaily News Glassnode analysts said that a major factor affecting the demand-side pressure of US spot ETFs is the use of spot purchase arbitrage strategies by institutional traders. As traders buy Bitcoin spot and immediately hedge by selling Bitcoin futures, this can alleviate the immediate upward pressure on spot prices. Glassnode analysts said: This spot arbitrage trading structure appears to be an important source of ETF demand. ETFs are used as a tool to obtain long spot exposure. At the same time, the net short position of Bitcoin in the Chicago Mercantile Exchange Group futures market is increasing. (Theblock)

Glassnode: Cash purchase arbitrage trading is affecting the buyer side pressure of US Bitcoin spot ETF

Spot and hedge structures appear to be a significant source of demand for ETF inflows, with ETFs being used as a vehicle to gain long spot exposure.

The inflow of US spot ETFs is astonishing, so why hasn’t BTC risen sharply?

Jag Kooner, head of derivatives at Bitfinex, said that the Ethereum spot ETF could attract 10-20% of the funds currently flowing into the Bitcoin ETF. He also said that the inflow of the spot Ethereum ETF depends largely on whether the U.S. Securities and Exchange Commission will allow or refuse to clarify the pledge of the spot Ethereum ETF in the future.

Viewpoint: Spot Ethereum ETF may divert 20% of Bitcoin ETF traffic

According to “Cointelegraph”, Raoul Pal, CEO of macro research institution Real Vision, believes that about two-thirds of the net fund inflows of Bitcoin spot ETFs may come from arbitrage transactions, and retail investors are not yet the “key driver” of such fund products. ”.
Pal made this inference based on data shared by cryptocurrency analyst and MV Capital partner Tom Dunleavy, whose data shows that the "top 80 holders" of U.S. Bitcoin ETFs mostly belong to hedge funds...