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HUB / On-Chain Signal
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A lot of the ETF "institutional demand" is actually basis trade, not long-only conviction
@blockonomist
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2026-05-16 23:22:11
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the inflow numbers look impressive until you look at simultaneous futures open interest. some fraction of that ETF buying is hedged against futures shorts. that's not bad, it just means the market is maturing in a specific way.
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