Most of the ETF volume is handled through Coinbase OTC from my understanding and not on Spot Market.

Because Coinbase is the custodian they are merely staking the Bitcoin.

However once the OTC slush fund is absorbed I think that’s where things get interesting.

Another note is the last time government sold some of their seized Silk Road bag it was to Coinbase. We could def see some replenishment on that end. That will be an interesting wallet to follow if you are a tea leaf reader. 😂

It’s all so fiat to me regardless. Too many high time preference hyenas this past week came out do the woodwork.