In April and May, the Bitcoin spot ETF attracted a significant inflow of funds, reflecting that the market is leaning towards clear bullish bets rather than neutral arbitrage strategies. According to data from the Commodity Futures Trading Commission (CFTC), leveraged funds such as hedge funds have reduced their net short positions, indicating that these funds are using ETFs as a tool to express confidence in Bitcoin's future price movements. Since its launch in January 2024, the total net inflow of the spot ETF has exceeded $41 billion, further solidifying its dominant position in the market.