D, W. I am also checking chart about 10x more than I normally do in anticipation of big movement one way or the other due to the ETFs so I am probably just reading into it too much.
Discussion
Yeah I wouldn't worry about it. Everyone thinks the spot ETF if going to affect price because the issuers have to "buy" spot bitcoin. They don't. They can just trade for it OTC. Imagine if I "bought" all of your bitcoin. Does this affect price? No. You might say it isn't enough corn to affect the market.
What if you have 1 Million coins. Price is still unaffected. Same thing is happening now. These are are just trading paper with gbtc.
This is a good explanation of how OTC works. Who are the OTC sellers in the case of the bitcoin ETFs?
I think there some Offshore parties named in the prospectus for BLK, but I'm not sure. I assume Binance and BitMex would be safe guesses.
Retail investors and talking heads on twitter are under estimating the ability of these institutions to drive price down with shorts and other derivatives. 