According to SoSoValue data monitoring, Bitcoin spot ETFs recorded net inflows for the ninth consecutive trading day on April 24, with a single-day inflow of $14.45 million. This round of continuous inflows has accumulated to approximately $2.1 billion, setting a record for the longest net inflow since September 2025. Last week, ETFs saw a cumulative inflow of $823.7 million, with BlackRock's IBIT seeing a weekly inflow of $983 million, a new high in nearly six months. Ki Young Ju, founder of CryptoQuant, stated that the Bitcoin market is currently driven by futures, with open interest continuing to rise, but apart from ETF inflows and MicroStrategy purchases, on-chain apparent demand remains negative. The chief analyst of CEX.IO pointed out that the recent rise is clearly driven by short covering, with the total amount of short liquidation since April 13 reaching approximately $2.8 billion, far exceeding the $1.8 billion of long liquidation. Some ETF demand may stem from term arbitrage trading, which involves buying IBIT and shorting CME futures to profit from the price difference. This strategy is market-neutral and not purely bullish. Currently, the options market's 25-delta skew is in negative territory, indicating that investors are paying a premium for downside protection.