Key takeaways:Avenir Group and Glassnode data conclude that a significant portion of spot BTC ETF inflows are unhedged, long-only positions, indicating genuine institutional conviction rather than reliance on short-term arbitrage strategies.BTC continues to behave like a traditional macro asset with strong correlations to equities, gold, and liquidity cycles, while inversely tracking the dollar and high-yield credit spreads.A new study reveals that a significant portion of spot Bitcoin (BTC) ETF inflows is not driven by arbitrage or hedged futures strategies, but by long-term, unhedged demand from traditional markets, and it is just one layer of a more profound transformation underway.A collaborative…
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