Bitcoin's record ETF inflows in 2025 look bullish on the surface, but Arthur Hayes says most of that money isn't true institutional buying. Instead, hedge funds are running a basis trade: long the ETF, short CME futures, and unwinding it whenever spreads tighten. With that support fading, Hayes warns Bitcoin now has to face real liquidity conditions again.The post Think BlackRock Is Bullish on Bitcoin? Arthur Hayes Says They're Not, Here's Why appeared first on BeInCrypto.