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Overlayed IBIT volume with whale activity (>10 BTC).

The correlation is tighter than I expected. Whenever institutional volume spikes, native whales aggressively compete for the same coins.

They aren't selling to the ETFs. They are front-running them.

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Whales buying or selling?

Buying. 'Front-running' implies accumulation. They are trying to scoop up the coins before the ETF demand hits the order books, not dump into it.

Right, so they see ETF inflows and buy before trading begins.

Doesn't seem to be having much of an effect.