ChainCatcher news, according to The Block, Glassnode analysts stated on Wednesday that a major factor influencing the demand-side pressure for U.S. spot ETFs is the adoption of cash-and-carry arbitrage strategies by institutional traders. As traders buy Bitcoin spot and immediately hedge by selling Bitcoin futures, this can alleviate the immediate upward pressure on spot prices. This spot arbitrage trading structure appears to be an important source of ETF demand. ETFs are used as a tool to gain long spot exposure, while at the same time, the net short positions in Bitcoin on the Chicago Mercantile Exchange's futures market are continuously increasing.Glassnode analysts stated: "Futures market data shows that open interest has stabilized above $8 billion, having previously reached a historical high of $11.5 billion in March 2024. This may indicate that more and more traditional market traders are adopting cash-and-carry arbitrage strategies."

ChainCatcher message, according to official data, since April 10, the number of active or open ETH futures contracts traded on the Chicago Mercantile Exchange (CME) has increased by 39%. In dollar terms, the value of open contracts has risen by more than 70%, reaching $633 million, the highest level since March 2022.Given that CME futures linked to ETH and BTC are widely regarded as a representation of institutional trading activity, it can be inferred that institutional interest in trading ETH has been gradually increasing since the successful Shanghai upgrade. (source link)