How are the ETFs creating the range, profiting from the #Bitcoin range, accumulating Bitcoin, as well as suppressing the price in the range.

Bitcoin ETFs using market makers like Jane Street are indeed involved in a popular trading strategy known as the "basis trade" or "cash-and-carry trade." This strategy involves buying (accumulating) spot #Bitcoin and short-selling @CMEGroup #Bitcoin futures contracts, aiming to profit from the price discrepancy between the spot and futures markets.

Here we see the Dealer shorts used to manipulate the price into the range 60-70k, accumulation of spot Bitcoin and profiting from the created spread.

Is it moral? Who knows.

Is it legal. Yes. The @SECGov allows this trade on all regulated ETFs with Futures contracts.