Bitcoin has been seeing a ton of demand in the spot ETFs, yet the price barely goes up.
Why is that?
It appears there is a very large short position being built up in futures markets.
My guess is institutions are longing the spot ETFs and shorting the futures contracts as a hedge since options don't exist on the ETFs yet.
But who knows…
This guy seems to think that the short positions are going to be unwound if the price goes up…
(Source: https://x.com/BitcoinNewsCom/status/1800877114410852683)
Hope he's right, though he's been wrong before.