Arbitrage Overdrive: Why Bitcoin ETFs Aren’t What They Seem, According To Expert
Summary
Significant portion of Bitcoin ETF capital flow driven by arbitrage. Real Vision CEO Raoul Pal notes around two-thirds of net inflows attributed to arbitrage trading by top institutional holders. Hedge funds hold $10.26 billion of $15.42 billion in net inflows. Millennium Management is largest single holder. Debate exists on arbitrage's overall influence. Recent CPI report led to BTC price increase of 3.5%. US spot Bitcoin ETFs saw $200 million net outflows, halting 19-day streak of net inflows. Grayscale's GBTC experienced highest withdrawals.
