The launch of 11 U.S. Spot Bitcoin ETFs in January 2024 has opened a wave of arbitrage and volatility trading opportunities for firms active in both U.S. and offshore crypto derivatives markets. This report explores strategies like circuit breaker arbitrage, cross-exchange cash-and-carry, volatility mispricing, and rebalancing plays tied to ETF flows. Unique structural differences—such as trading hours, currency denomination (BTC vs USD), and ETF portfolio mechanics—offer traders multiple inefficiencies to exploit. Additionally, assets like Stacks (STX) and the upcoming Ethereum ETF decision provide proxy and event-driven trades with higher beta to Bitcoin. As institutional volumes rise and volatility compresses, firms with cross-market access and systematic execution can generate strong risk-adjusted returns in this evolving landscape.