This chart always stuck out to me during the great downward chop of 2024. ETFs gradually up, chop gradually down. Bottom line, there is way more at play than the ETFs. They are a small percentage of the active degen market and actual buyers and sellers. They are basically just a nice, growing addition to the floor. I don’t think there is any other way to think about them. 
Discussion
That's a good perspective. I agree there is way more at play. They can dominate for a day or two when they have the 1 billion buy days but this just made me curious as to who did the buying today.
I doubt it's mstr, his weekly buys and the ATM have been getting smaller
The ETFs sold
So who bought a bunch of Bitcoin 😁