On October 18, COINOTAG reported insights from Raoul Pal, a former Goldman Sachs executive and the founder of macro research firm Real Vision. He highlighted that a significant portion of Bitcoin ETF activity is driven by hedge funds engaging in arbitrage strategies between spot, futures, and perpetual contracts. Pal emphasized that the capital inflows into Bitcoin ETFs do not predominantly reflect a directional investment approach, which is typically linked to long-term bullish or bearish sentiments. Instead, these inflows are largely opportunistic, focusing on exploiting temporary price discrepancies rather than betting on Bitcoin’s overall price trajectory. He argued that such trading practices indicate that the broader market sentiment surrounding Bitcoin may not necessarily influence these transactions, often resulting in a marginal impact on Bitcoin’s price dynamics.