According to BlockBeats news, on December 4, analyst James Van Straten stated that since November 20, the CME open interest has decreased by nearly 30,000 BTC. During the same period, the net inflow of funds into the US spot-listed ETF exceeded $3 billion. Such abnormal data indicates that the US spot ETF is increasingly used for purely directional investments rather than arbitrage strategies.
James Van Straten explained that since the ETF was listed in January, institutional investors have mainly used them to implement this strategy, which is to take long positions in the ETF while shorting positions in CME futures. The opposite positions allow institutional investors to earn futures premiums while avoiding price risks. This is why the inflows into the ETF and the CME open interest often change in sync.
