Hedge funds aren’t betting on #Bitcoin—they’re exploiting it.

Billions in ETF inflows aren’t driving price up because most of it fuels a risk-free arbitrage:

• Buy spot Bitcoin via ETFs

• Short Bitcoin futures on CME

• Pocket the spread, zero price exposure

This is the classic cash-and-carry trade, and it’s soaking up liquidity without real conviction. The real question: What happens when the easy yield dries up?