Over $5 Billion Invested in Bitcoin ETFs as Traders Make Decisive Bets

A burst of capital—roughly $5.61 billion—has surged into the eleven U.S. spot-bitcoin exchange-traded funds since April 1, according to SoSoValue, mirroring BTC’s climb back above $100 K after dipping to $75 K.

Directional money, not basis trades

Institutions have long treated spot ETFs as tools for “cash-and-carry” arbitrage: go long the fund, short CME futures, and pocket the spread while staying market-neutral. If that strategy were in vogue today, CME short positioning would be expanding.

Instead, the CFTC’s weekly Commitment of Traders report shows the opposite. Leveraged funds cut their net-short stance to 14,139 contracts from 17,141 at the start of April. A jump in shorts would have signaled classic carry trades; a retreat implies outright bullish positioning.

“The lack of fresh shorts tells you these inflows are directional longs, not hedged arbitrage,” Options Insight founder Imran Lakha wrote on Deribit.

Flow snapshot

Why it matters

The pattern suggests big players are embracing spot ETFs as a clean way to bet on bitcoin’s upside rather than simply harvesting futures premiums. With hedges shrinking and fresh cash pouring in, ETF demand could amplify the next leg of BTC price action.

Bitcoin was last quoted at $102,700 on CoinDesk, consolidating recent gains while ETF inflows show no sign of slowing.