According to BlockBeats, on June 12, Glassnode analysts said on Wednesday that a major factor affecting the demand-side pressure of US spot ETFs is the use of spot arbitrage strategies by institutional traders. Traders buy Bitcoin spot and immediately hedge by selling Bitcoin futures, which can alleviate the immediate upward pressure on spot prices. This spot arbitrage trading structure seems to be an important source of ETF demand.
ETFs are used as a tool to gain long spot exposure, while net short positions in Bitcoin are increasing in the CME Group futures market. Futures market data shows that open interest has stabilized above $8 billion, after hitting an all-time high of $11.5 billion in March 2024. This may indicate that more traditional market traders are adopting spot-buy arbitrage strategies.