Matrixport: Bitcoin ETF and Futures Funds Return, Long-Term Holding Demand Rebounds

Matrixport released a chart today indicating that since March 19, Bitcoin ETF funds have been consistently flowing out, along with a synchronous decline in futures market open interest. From January to April, the cumulative net outflow of ETFs reached nearly $5 billion.
However, we recently observed a large-scale inflow of approximately $3 billion, and open interest in futures has also increased. Interestingly, funding rates remain relatively low.
This indicates that the current new inflows primarily stem from genuine long-term holding demand, as opposed to the ETF purchases driven by arbitrage funds at the beginning of the year, signaling a more positive overall bullish sentiment.