U.S. Ether ETFs Draw $197 Million, but Flows Reflect Arbitrage Positioning More Than Fresh Demand
Summary
- Bitfinex said U.S. Ether ETFs drew $197 million of inflows last week.
- Bitfinex analysts said the money was driven more by building spot-futures arbitrage positions than by fresh buying demand.
- Bitfinex said those trades make it difficult to conclude from ETF inflows alone that directional buying demand for Ether has strengthened.
Forecast Trend Report by Period
Last week's $197 million of inflows into U.S. Ether exchange-traded funds should be viewed less as new spot demand and more as positioning for arbitrage trades, according to Bitfinex.
Bitfinex wrote in a post on X on September 15 that Ether ETFs attracted $197 million in inflows last week.
The exchange's analysts said the money was driven more by the buildout of spot-futures arbitrage positions than by fresh buying demand. Investors are holding the ETFs while using Chicago Mercantile Exchange Ether futures to profit from price gaps between the spot and futures markets.
Bitfinex said that means ETF inflows alone are not enough to conclude that directional buying demand for Ether has strengthened.
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