《IOSG: How Much Real Money Is in Bitcoin ETF Flows?》 (Author: Darko) Bitcoin ETF flows aren't purely driven by belief; they mostly come from hedging trades like spot-futures arbitrage. Research shows that weekly flows are highly correlated with CME short positions (around 0.70), and price returns have no predictive power for inflows. Out of the cumulative ~$55 billion inflows, net basis trading accounts for only ~$1 billion, while the rest is stable directional buying, forming a long-term 'mountain.' Arbitrage drives volatility, with real settled assets being minimal and continuously retracting. Ethereum ETF correlation is weaker. Read the full article: https://www.(wublock123.com)/articles/article-59147