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For Bitcoin, ETF inflows have far outweighed changes in futures positioning, indicating that TradFi investors primarily expressed directional demand through spot exposure. In contrast, Ethereum shows a more nuanced picture: bi-weekly changes in CME open interest have amounted to more than 50% of cumulative ETF inflows. This suggests that a large portion of TradFi activity in Ethereum combined spot exposure with cash-and-carry strategies, blending directional bets with neutral arbitrage.

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