10X Research: Only $17.50 billion (44%) of net inflows into Bitcoin ETFs represent true long buying

On February 24th, 10x Research analysis said that although the Bitcoin ETF has attracted a net inflow of $38.60 billion since its launch in January 2024, its analysis shows that only $17.50 billion (44%) represents a true long buy. The majority (56%) may be related to arbitrage strategies, in which short positions in Bitcoin futures offset the inflows.