According to Eric Balchunas, Bitcoin ETFs have shattered all previous flow records, driven by their extremely low trading fees of just 1-3 basis points, making them significantly cheaper than other investment options (source: Eric Balchunas, Twitter, May 16, 2025). However, ETF investors do not have direct access to use the underlying BTC, which may affect arbitrage strategies and demand for spot Bitcoin. This trend is crucial for traders, as it highlights a shift in institutional and retail capital towards ETFs, potentially influencing spot market liquidity and Bitcoin price dynamics.