According to BlockBeats, on June 12, an analyst from Glassnode stated that a major factor affecting the demand side pressure of US spot ETFs is the adoption of spot arbitrage strategy by institutional traders. This strategy involves traders buying Bitcoin spot and immediately hedging by selling Bitcoin futures, which can alleviate the immediate upward pressure on spot prices. This spot arbitrage trading structure appears to be a significant source of ETF demand. ETFs are used as a tool to gain long spot exposure, while at the same time, the net short positions of Bitcoin on the futures market of the Chicago Mercantile Exchange Group are continuously increasing.
The Glassnode analyst further stated, 'Futures market data shows that open contracts have stabilized at over 8 billion dollars, previously setting a new historical high of 11.5 billion dollars in March 2024. This could indicate that an increasing number of traditional market traders are adopting the spot arbitrage strategy.'