This is yet another viral and flawed conspiracy theory. Basis traders buy spot and close the arb. Whether the spot is bought by the AP or the basis trader, the net demand on BTC spot is identical. This piece concludes that APs "suppress the integrity of the price discovery". It implies that if a buy doesn't happen on exchange, the price discovery is compromised. This is false. Price discovery is simply the process of finding the equilibrium price where supply meets demand. APs and basis traders close the gap between the ETF, futures, and spot and are the engine of price discovery. Too many conspiracy theories looking for villains and doomer narratives circulating right now. Historically, that's the kind of sentiment you see at bottoms.(Alex Krüger)