U.S.-listed spot Bitcoin ETFs saw a surge in inflows during April and May, signaling a strong shift toward directional bullish bets rather than neutral arbitrage strategies. According to CFTC data, leveraged funds such as hedge funds have trimmed their net short positions, indicating these ETFs are being used to express confidence in Bitcoin’s upside potential. Since launching in January 2024, total net inflows into these ETFs have surpassed $41 billion.