"ETFs are buying Bitcoin on a large scale... 25,000 units purchased in just 3 days"

Global asset management companies have reportedly purchased about 25,000 Bitcoins (BTC) through Exchange Traded Funds (ETFs) over the past three days.

Eric Balchunas, Senior ETF Analyst at Bloomberg, stated on X on the 24th, "ETFs are buying Bitcoin on a large scale," adding, "In the past three days alone, they have purchased 25,000 Bitcoins." He added, "IBIT saw an inflow of $643 million in just one day, ranking first among all ETFs." IBIT is a Bitcoin spot ETF operated by global asset management company BlackRock.

However, Balchunas pointed out that the recent inflow of funds could be influenced by 'basis trade.' Basis trade is an investment strategy that profits from the price difference between spot and futures. Balchunas analyzed, "(The recent inflow) could be short-term capital movements that quickly come in and out depending on Bitcoin prices."