Bitcoin ETF Flow vs CME Bitcoin Futures Open Interest

Some large hedge funds are buying Bitcoin ETFs and selling CME futures (Figure 1)

See another chart below showing daily Bitcoin ETF flows in green bars compared to CME Bitcoin futures open interest (Figure 2)

It is also worth noting that some large Bitcoin ETF holders, such as Millennium and Schonfeld, may be doing basis trades (selling CME Bitcoin futures and buying spot ETFs) (Figure 3)