According to CoinMeta, as reported by cryptounfolded, hedge funds have ceased Bitcoin basis trading. The net short position of leveraged funds in Bitcoin futures has dropped to 12,955 BTC, which is an 89% decrease from the peak in December 2024 and represents the lowest level since February 2023. Most of the hedge cash inflows and arbitrage bids that drove up ETF earlier have disappeared, so future ETF inflows are more likely to represent actual directional demand.