Glassnode analysts stated that a major factor affecting demand for US spot ETFs is institutional traders using cash-and-carry arbitrage strategies. By purchasing bitcoin spot and immediately hedging through selling bitcoin futures, traders can alleviate immediate upward pressure on spot prices. This spot arbitrage trading structure appears to be a significant source of ETF demand. ETFs are used as a tool to acquire long spot exposure, while at the same time, the net short position of bitcoin on the Chicago Mercantile Exchange Group futures market is continuously increasing.
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Glassnode: Institutional spot trading strategies can alleviate immediate upward pressure on spot prices
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