coin-img-ETHETH-0.23%coin-img-BTCBTC+0.61%coin-img-SOLSOL+0.60%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-1.17%coin-img-TRXTRX-0.40%coin-img-HYPEHYPE-1.17%coin-img-OPNOPN-9.41%coin-img-ETHETH-0.23%coin-img-BTCBTC+0.61%coin-img-SOLSOL+0.60%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-1.17%coin-img-TRXTRX-0.40%coin-img-HYPEHYPE-1.17%coin-img-OPNOPN-9.41%coin-img-ETHETH-0.23%coin-img-BTCBTC+0.61%coin-img-SOLSOL+0.60%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-1.17%coin-img-TRXTRX-0.40%coin-img-HYPEHYPE-1.17%coin-img-OPNOPN-9.41%coin-img-ETHETH-0.23%coin-img-BTCBTC+0.61%coin-img-SOLSOL+0.60%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-1.17%coin-img-TRXTRX-0.40%coin-img-HYPEHYPE-1.17%coin-img-OPNOPN-9.41%

Bitcoin ETF outflows near $5.75B since mid May may reflect cash and carry arbitrage unwinds, not IPO demand

Bitcoin ETFs have seen nearly $5.75 billion of outflows since mid May, and Sygnum CIO Fabian Dori said exchange flows and stablecoin supply do not show signs of capital leaving crypto for IPOs. He pointed to falling CME bitcoin futures open interest alongside redemptions, consistent with cash and carry arbitrage positions being unwound.
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