Are the ETFs just 100% hedge fund basis trades at this point? Very hard to square the inflows over the past month and being stuck in this price range. Shocking these turned out to be such a joke.

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At some point this has to end. Either the sellers get exhausted, or paper bitcoin games are brought to light. If it’s really a hedged-trade impact, it would keep grinding higher just more slowly?

Yes, that’s all correct. Hard to decipher what’s really going on.