Despite record inflows of US-listed spot bitcoin ETFs, which appear to be part of a non-directional cash and arbitrage strategy and do not necessarily represent outright bullish bets, the spot price of bitcoin continues to move in a tight range. "Entities are buying ETFs and selling CME futures to lower the basis in some major markets, allowing entities to achieve net profit, which is why ETF inflows are high but spot is relatively unchanged," anonymous market watcher CMS Holdings said on X. Often referred to as cash arbitrage, this strategy aims to profit from the premium of the futures market over the cash market.