Of the $60 billion in net inflows to Bitcoin ETFs, up to half is estimated to be options hedging.
Original headline비트코인 ETF 순유입 600억달러 중 최대 절반은 옵션 헤지 추정
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Markus Thielen, founder of 10x Research, estimates that up to half of the $60 billion in net inflows into U.S. spot Bitcoin ETFs may reflect options hedging by market makers rather than direct directional buying. Thielen derived the estimate by reviewing 13F filings, which disclose institutional holdings but not the purpose behind each position, so ETF stakes held by market makers may not represent bullish bets on Bitcoin. The claim matters because it suggests reported ETF demand overstates genuine spot buying, which could distort how investors read flows as a price signal. Watch next for closer scrutiny of 13F disclosures and options positioning data to clarify how much ETF inflow reflects hedging versus outright accumulation.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
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Bitcoin (BTC), Markus Thielen, 10x Research, Cointelegraph
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