Odaily Planet Daily News: Raoul Pal, former Goldman Sachs executive and founder of macro research institution Real Vision, wrote on X that one day people will realize that the largest users of Bitcoin ETFs and most of the trading volume come from hedge funds, which arbitrage between spot and futures and perpetual contracts. The inflow of funds is not mainly directional, and only has an impact at the margin. "Raoul Pal believes that most of the funds flowing into Bitcoin ETFs are not based on investors betting on the long-term rise and fall of Bitcoin (i.e. directional investment). Instead, these funds mainly come from hedge funds using ETFs for short-term arbitrage, with the goal of making profits through price differences rather than relying on the trend of Bitcoin prices themselves. Most of the activities do not reflect the market's broader sentiment on the trend of Bitcoin prices.

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