A few reasons. 1. The unit price is already pre-elevated as a result of ETF and general adoption hype. It is in a higher position than its algorithmic trajectory. 2. ETFs source their #bitcoin from OTC desks and not from exchanges. There has been much spare Bitcoin outside exchanges after all the FTX fud during the last bear market (loose bitcoin). 3. The ETFs are exposing wall street to bitcoin but they are traders more than hodlers so their lettuce hands are letting go all the time.

Bitcoin will still hit the parabolic phase in a historically timely manner and we are not at the end of that window yet.