Analysis: "Strong demand for BTC spot ETFs... bullish market signal"

CoinDesk cited multiple experts, stating that "the cumulative net inflow of Bitcoin spot ETFs since October 14 is $2.5 billion. The notional open interest in CME Bitcoin futures has surpassed $12 billion, setting a new record high. This can be interpreted as a cash-and-carry signal, but given that the ETF net inflow size is much larger, the emphasis is on bullish betting based on expectations of a rise in Bitcoin prices." , CEO of the UK-based cryptocurrency benchmark index provider CF Benchmarks, said, "When Bitcoin spot ETF inflows and CME open interest increase simultaneously, basis trading that exploits the price difference between the spot and futures markets becomes evident. However, in this case, the net inflow of spot ETFs far exceeds the size of CME open interest. Only about 40% of the ETF inflow is attributable to basis trading, while the remaining 60% corresponds to directional betting on price appreciation." , Head of Research at Bitwise, noted that "the Bitcoin futures basis is moving and showing a bias towards long positions, forming a contango (where the futures price is higher than the spot price)."