Gabriel Selby, principal research analyst at CF Benchmarks, said that the spot bitcoin ETF has driven the CME bitcoin futures market unpositioned squaring contract to grow by 80% so far this year, and it is reported that the increase in unpositioned squaring contracts can be attributed to the underlying trading between the spot bitcoin ETF and the Chicago Mercantile Exchange (CME) futures contract to promote arbitrage opportunities. This activity by institutional investors can drive bitcoin liquidity and lay the foundation for a more robust and connected market ecosystem.