Summary
- It was stated that recently, approximately $3 billion has flowed into Bitcoin spot Exchange Traded Funds (ETFs).
- Matrixport analyzed that the increase in Bitcoin futures open interest and low funding rates indicate demand for long positions.
- This can be interpreted as a stronger bullish signal compared to the arbitrage-focused purchases earlier this year.
Recently, an analysis has emerged that the inflow of funds into Bitcoin (BTC) spot Exchange Traded Funds (ETFs) is based on demand for long (buy) positions.
Cryptocurrency service provider Matrixport stated on its official X account, "Approximately $5 billion was withdrawn from Bitcoin ETFs from January to April this year," and "However, recently, $3 billion has flowed into Bitcoin ETFs."
Matrixport noted, "The inflow trend appeared alongside a surge in Bitcoin futures open interest (OI)," and "The funding rate remains at a low level." It further analyzed, "This suggests that the recent inflow trend is mostly derived from long position demand," and "It can be interpreted as a much stronger bullish signal compared to the arbitrage-focused purchases earlier this year."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul![[Today’s Key Economic & Crypto Calendar] Atlanta Fed GDPNow, More](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
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