The majority of net inflows into spot Bitcoin exchange-traded funds (ETFs) are likely driven by arbitrage transactions, according to Real Vision CEO Raoul Pal. Data indicates that hedge funds are the primary holders of U.S. Bitcoin ETFs, suggesting that institutional investors, rather than retail investors, dominate this market. In a post on X, Raoul Pal The post Spot Bitcoin ETF To See Majority Inflows Linked To Arbitrage, Here’s Why appeared first on CoinGape .