Take your bitcoin off of the exchange if everybody did that you’d see a real price in action.
Discussion
No, the ETFs become the "spot" price setting mechanism then. GLD and SLV have done this. IBIT and whatever else will be next. Already in the bag.
You can trade a commodity or asset without owning it. Welcome to fiat land.
If everyone took out their gold and silver, those prices would rise too. But they just leave it in vaults, and so claims on it fly back and forth. If push comes to shove, some suit owns it, even if he never owned it.