Billions of dollars have flowed into the US erected Spot Bitcoin

Exchange -traded funds (ETFs) in recent weeks when Cryptocurrency appointed a sharp improvement rally from $ 75,000 to $ 100,000.

Most of the investments are probably driven by bold, strategic bullish directional bets rather than market-neutral arbitrage acting, suggests data analysis.

The 11 Spot -Tfs drew $ 2.97 billion in investor money in April, with an additional $ 2.64 billion that is flowing so far this month, according to Data Source Sosovalue. It has increased the net inflow since its inception in January 2024 to over $ 41 billion.

Institutions have historically used these ETFs to create non-directional arbitrage acting to take advantage of price differences between futures and spot bitcoin markets. The so-called cash and carrier reports involve buying ETFs while selling CME futures to pocket the futures prize while it is bypassing price direction.

But influx since the beginning of April seems to be driven by bullish directional bets, not arbitrage -act. This is reflected in the report on interventions from Traders (COT) published by Commodities Futures Trading Commission (CFTC) every week.

The data shows geared funds, typically hedge funds and different types of money managers, including registered raw material dealers, have trimmed their net shorts to 14,139 contracts from 17,141 contracts in early April, according to data traced by trading sterns.

The number of shorts would have increased if carriers had primarily operated the net inflow.

“CFTC data shows that geared funds did not increase increased short positions significantly, indicating that most streams were directional bets, not arbitrage,” Imran Lakha, founder of Options Insight, in a blog post published on Deribit.

The shift in the nature of influx in ETFS suggests that big players are increasingly using the ETFs to express a clear market prospect in Bitcoin’s future direction.

Bitcoin last changed hands to $ 102,700 at the press time according to Coindesk data.