Fondateur de Real Vision : la majeure partie du volume des ETF sur Bitcoin provient des opérations d'arbitrage à court terme des fonds de couverture Hedging

BlockBeats report, on October 18th, Raoul Pal, former Goldman Sachs executive and founder of macro research firm Real Vision, tweeted that ‘one day, people will realize that the biggest users of BTC ETF and most of the volume come from Hedging funds, which engage in Arbitrage between Spot, futures, and perpetual futures. The inflow of funds is mainly non-directional and only has marginal impact.’ Raoul Pal believes that most of the funds flowing into BTC ETF are not based on investors’ long-term bets on the rise and fall of BTC (i.e., directional investments). Instead, these funds mainly come from Hedging funds using ETFs for short-term arbitrage, aiming to profit from price differences rather than relying on the trend of BTC price itself. Most of these activities do not reflect the broader sentiment of the market towards BTCPA.