The popular hedge fund strategy (buying ETFs + shorting futures) has ceased to generate double-digit returns. Due to the influx of participants, arbitrage profits have fallen to a modest 4% per annum, and funds have begun to close their positions. At the same time:
Investment advisors increased their investments in BTC ETFs by 145% over the year. They do not trade on volatility and hold assets for the long term.
Abu Dhabi, bucking the trend, increased its position in the IBIT fund by 46% in the fourth quarter of 2025.
Continue reading this article on source: bloomberg.com