ChainCatcher news, according to CoinDesk, 10x Research founder Markus Thielen stated that the estimated average entry price for Bitcoin ETFs is between $60,000 and $61,000, and retesting this level could trigger a wave of liquidations. Additionally, 30% of the inflows belong to a non-directional arbitrage strategy, namely basis trading, rather than direct bullish bets.Markus Thielen added, "When Bitcoin dropped to $56,500 on May 2, BlackRock claimed that 'sovereign wealth funds and pension funds' were coming, which helped to halt the decline, but now BlackRock states that 80% of the Bitcoin in the IBIT ETF they purchased comes from retail investors, not institutions."

ChainCatcher news, according to DL News, hedge fund giant Millennium previously disclosed a valuable $2 billion Bitcoin spot ETF, which includes $844 million in BlackRock's IBIT and $806 million in Fidelity's FBTC shares.Two institutional traders indicated that Millennium may deploy a "basis trading" strategy. Millennium is not betting on a further increase in Bitcoin prices, but may be arbitraging between the spot and futures prices of Bitcoin on the CME.In other words, Millennium is not necessarily investing in the ETF because they like Bitcoin, but rather profiting from market inefficiencies. The aforementioned traders do not work at Millennium but have relevant experience at Wall Street trading firms.It is reported that basis trading is a financial term used to describe the difference between the spot price and the futures price of a specific commodity.Assuming the trading price of Bitcoin is $70,000, but the corresponding futures contract price on the CME is $77,000, then the price difference between the two is 10%. If institutional traders believe that the price of Bitcoin will catch up to the futures contract price, they will buy shares of the Bitcoin spot ETF and sell Bitcoin futures contracts on the CME; if they believe that the futures contract price will drop until it reaches the spot price, they will sell Bitcoin in the spot market and buy Bitcoin futures contracts on the CME. This way, they can take advantage of the 10% price difference between the spot and futures prices. However, if they bet on the first scenario and the second scenario occurs, or vice versa, they may still incur losses.