BlockBeats News, February 26 — Market speculation surrounding Jane Street has once again sparked discussions about the trading mechanism of Bitcoin spot ETFs. Analysts point out that the subscription and redemption of spot ETF shares can be carried out by authorized participants (APs) under a regulatory exemption framework, and do not necessarily require the immediate buying and selling of Bitcoin on the open market. In cases of futures contango, APs may also hedge and offset positions through futures and other derivatives, leading to a time lag between ETF capital inflows, spot buying, and short-term price movements.
The report cites industry insiders as saying that this mechanism is a common and legitimate operation method for ETFs, and does not directly imply improper conduct by any single institution. However, it also reflects that Bitcoin price discovery is increasingly influenced by institutional trading venues such as the futures market. (Decrypt)
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