According to ChainCatcher, Raoul Pal, CEO of Real Vision, said that about two-thirds of the net inflows of Bitcoin spot ETFs may come from arbitrage transactions. Data shows that the "top 80 holders" of US Bitcoin ETFs are hedge funds, and the funds come from various institutions and individual investors. Raoul Pal further pointed out that if this is correct, then this shows that the vast majority of ETF flows are just arbitrageurs, and retail is not yet a key driver.