Odaily Planet Daily News: Despite record inflows into U.S.-listed spot Bitcoin ETFs, Bitcoin spot prices continue to fluctuate in a narrow range. ETF inflows appear to be part of non-directional cash and arbitrage strategies and do not necessarily represent outright bullish bets. Anonymous market observer CMS Holdings said on the X platform: "Entities buy ETFs and sell [CME] futures to reduce the basis in some major markets, allowing entities to realize net profits, which is why ETF inflows are high, but the spot is relatively unchanged." This strategy is often called cash arbitrage and aims to profit from the premium of the futures market relative to the spot market. (Coindesk)