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Bitcoin ETF flows leave institutional demand in doubt
CoinShares analyzed the inflow data into spot Bitcoin ETFs, particularly in IBIT, and reached an important conclusion: not all capital flows represent genuine bullish bets on price. The reason lies in basis trade operations — strategies where institutional investors buy Bitcoin in the physical market and sell futures contracts simultaneously to profit from the price difference between the two markets. These operations generate inflows into ETFs, but don't necessarily reflect conviction that Bitcoin's price will rise. This matters because many analysts use ETF flows as an indicator of genuine institutional demand. If a significant portion of these inflows comes from basis trades, the signal they send about institutional sentiment is less clear than it appears. The analysis reinforces the importance of looking beyond raw numbers and understanding the mechanics behind capital movements in Bitcoin's institutional markets. https://cointelegraph.com/markets/bitcoin-etf-mixed-read-institutional-demand…