BlockBeats News, February 18 — According to crypto research firm 10x Research, despite Bitcoin prices dropping 46% from their peak, Bitcoin ETFs only experienced $8.5 billion in net outflows, which is a relatively moderate decrease relative to the total assets under management of the ETFs. The structural characteristics of ETF ownership show that market makers and hedge funds focused on arbitrage are dominant, holding mostly hedged or market-neutral positions rather than directional bets on Bitcoin. Additionally, long-term institutional investors, who have a higher proportion of holdings, tend
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