There are two strange things about yesterday's Bitcoin ETF data:

First, although the net inflow of Bitcoin ETF yesterday was as high as 893 million US dollars, reaching the second highest in history, there was no reaction on the market, which did not seem to be a huge buying.

Second, 872 million of the 893 million net inflows belonged to BlackRock's IBIT, and the net inflows of other ETFs were only 21 million. This ratio is too disparate. A similar situation occurred on March 13, when the ETF inflow was the highest (the net inflow on that day was 1.05 billion, of which IBIT had a net inflow of 849 million), but the ratio yesterday was even more exaggerated.

It is indeed possible that, as analyzed by the painter CryptoPainter_X, the large net inflow of IBIT mainly came from arbitrage funds, buying Bitcoin spot, and opening short orders on CME with high premiums. Therefore, we always see large net inflows in IBIT when Bitcoin rises to a high level, but the large net inflow of IBIT may not be related to the rise in the market.

It is worth noting that Bitcoin peaked on March 13, when ETF inflows were the highest in the first half of the year, so yesterday's high ETF inflows may not be a positive factor.