Trading King

07/20 06:24

Ethereum ETFs just saw a record weekly net inflow

Ethereum ETFs just saw a record weekly net inflow of $1.78 billion, bringing total net assets to $17.3 billion.

That sounds like a strong vote of confidence. But dig deeper and it becomes clear that a significant portion of that capital is likely tied up in basis trades — delta-neutral strategies that profit from the difference between spot and futures prices.

It’s not just long positions. It’s hedged positions, where traders often sell futures against long ETF positions, putting hidden selling pressure on derivatives markets.

This arbitrage dynamic artificially inflates ETF flows without demonstrating confidence in their direction.

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