[The current price volatility of Bitcoin is still primarily driven by centralized exchange trading] According to a report by Jinse Finance, a chart published by @AxelAdlerJr shows that the 7-day average trading volume on centralized exchanges is approximately $15.8 billion per day, while the figure for spot ETFs is $1.7 billion per day, with a ratio of 9.2. This means that ETF trading volume accounts for nearly 10% of the total trading volume. Currently, Bitcoin's price volatility is still primarily driven by trading on centralized exchanges — their trading volume is nearly 10 times that of spot ETFs. Although ETF inflows have increased market liquidity and provided support for trend stability, they have not yet become the core factor driving Bitcoin's price movements.