Looks like coinbase might not have all the btc that their customers think they have.

If they don't have all that they owe to their customers, then they are short the price of btc.

A run on coinbase will squeeze them and force them to buy BTC.

This may be what has been happening to the btc price for the last week.

ETF providers are publicly asking coinbase for more liquidity. Who knows what they are asking them for in private?