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masoud 🎩 🔵 🐹
@masoudn
Only 44% of US Bitcoin ETF buying has been for hodling — 10x Research 10x Research’s Markus Thielen says the demand for Bitcoin as a long-term asset could be “significantly smaller than the media portrays.” Spot Bitcoin ETFs in the United States have attracted around $39 billion in net inflows since their January 2024 launch. However, only $17.5 billion, less than half, represents genuine long-only buying, reported 10x Research head of research Markus Thielen. The majority, or around 56%, “is likely tied to arbitrage strategies, where short Bitcoin futures positions offset inflows,” he added, referring to the “carry trade” — where traders buy spot Bitcoin through ETFs while simultaneously shorting Bitcoin futures and profiting from the difference between spot and futures prices
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