ChainCatcher news, according to CoinDesk, despite the inflows into Bitcoin spot ETFs listed in the U.S. reaching an all-time high, the Bitcoin spot price continues to fluctuate within a narrow range. The ETF inflows seem to be part of a non-directional cash and arbitrage strategy, and do not necessarily represent a thorough bullish bet.Anonymous market observer CMS Holdings stated on X: "Entities buy the ETF and sell 'CME' futures to reduce the basis in some major markets, allowing entities to realize net profits, which is also why ETF inflows are high, but the spot remains relatively unchanged."It is reported that this strategy is commonly referred to as cash arbitrage, aimed at profiting from the premium of the futures market relative to the spot market.