U.S.-listed spot-bitcoin exchange-traded funds have welcomed a fresh $5.61 billion in new capital since the start of April, SoSoValue data show. The torrent of inflows coincides with bitcoin’s rebound from $75,000 to roughly $100,000.
Inflows hint at outright optimism—not arbitrage
Institutional players traditionally tap these ETFs for “cash-and-carry” trades, buying the fund while shorting CME bitcoin futures to capture the basis without price risk. If that strategy were driving flows now, futures short interest would be climbing.
Instead, CFTC Commitment of Traders figures reveal the opposite:
- **Leveraged funds’ net-short CME position has fallen to 14,139 contracts, down from 17,141 in early April.
- Fewer—not more—shorts suggest investors aren’t hedging ETF purchases; they’re betting on upside.
“As the short side isn’t expanding, the recent ETF inflows look like pure directional longs,” wrote Imran Lakha, founder of Options Insight, in a Deribit note.
Quick scorecard
| Period (2025) | Net new ETF cash |
|---|---|
| April | $2.97 B |
| May 1–17 | $2.64 B |
| Since launch (Jan 2024) | $41 B+ |
What it means
Large money managers appear to be using spot ETFs to express a bullish thesis on bitcoin rather than simply skimming futures premiums. That pivot could intensify price swings as ETF demand becomes more sensitive to sentiment.
Bitcoin was recently trading near $102,700 on CoinDesk—holding the bulk of its spring rally while ETF inflows keep stacking up.
