Because they already have the Bitcoin. When they buy all the Bitcoin that they have all 11 entities. And more institutions start buying the entities need to buy more Bitcoin. That's when the price will move.

$4b in volume doesn't mean $4b in purchases

The suits have already bought the corn to seed their ETFs. Now they are selling shares of what they own. No effect on the actual market. At least, that's my understanding.

If that's accurate then the demand is going to be data for them to project from, telling them when and how much more to buy in the future. I expect it's be in waves.

Grayscale sold

GBTC sellers into cash to buy into other ETFs

Coinbase did $7bn via OTC. Once OTC has dried up, we'll see the impact on spot imo.