According to Odaily, former Goldman Sachs executive and founder of macro research firm Real Vision, Raoul Pal, recently shared his insights on X regarding the usage of Bitcoin ETFs. Pal highlighted that the primary users of Bitcoin ETFs are hedge funds, which engage in arbitrage between spot, futures, and perpetual contracts. He emphasized that the inflow of funds into Bitcoin ETFs is not predominantly directional and only has a marginal impact on the market.

Pal elaborated that most of the capital flowing into Bitcoin ETFs is not based on investors betting on the long-term price movements of Bitcoin. Instead, these funds are primarily from hedge funds that use ETFs for short-term arbitrage, aiming to profit from price discrepancies rather than relying on the actual price trends of Bitcoin. This activity, according to Pal, does not significantly reflect the broader market sentiment towards Bitcoin's price movements.