Odaily Planet Daily News Glassnode analysts said that a major factor affecting the demand-side pressure of US spot ETFs is the use of spot purchase arbitrage strategies by institutional traders. As traders buy Bitcoin spot and immediately hedge by selling Bitcoin futures, this can alleviate the immediate upward pressure on spot prices. Glassnode analysts said: This spot arbitrage trading structure appears to be an important source of ETF demand. ETFs are used as a tool to obtain long spot exposure. At the same time, the net short position of Bitcoin in the Chicago Mercantile Exchange Group futures market is increasing. (Theblock)