I think you are saying the USD to BTC ratio volatility has decreased? May need more time to actually prove that or measure it, I think it would make sense for BTC volatility to decrease with ETFs. More market participants, and a mechanism for a wider audience for shorting. ETF managers as a matter of policy probably have to buy or “unload responsibly” over time rather than making big waves in the market if they can help it. Fun to watch.