Real Vision founder: Most of Bitcoin ETF trading volume comes from short-term arbitrage operations of hedge funds

Odaily Planet Daily Report: Raoul Pal, a former Goldman Sachs executive and founder of the macroeconomic research firm Real Vision, wrote in that one day people will realize that the largest users of Bitcoin ETFs and the majority of trading volume come from hedge funds, which are arbitraging between the spot and futures, and perpetual contracts. The inflow of funds is mainly not directional and only has a marginal impact. Raoul Pal believes that most of the funds flowing into Bitcoin ETFs are not based on investors betting on the long-term rise or fall of Bitcoin (i.e., directional investment). Instead, these funds mainly come from hedge funds using ETFs for short-term arbitrage, aiming to profit from price differences, rather than relying on the Bitcoin price trend itself. Most of the activities do not reflect the broader market sentiment on the Bitcoin price trend.