What is clear is the following: In past Bitcoin market cycles, large inflow transactions into Coinbase and Binance were frequently observed, and these often translated into actual trading activity (blue box). However, in this cycle, such patterns have not appeared (yellow box). If we apply the same historical data framework, it becomes difficult to explain the market shock that has occurred since October last year. The prevailing view was that there would be no major market disruption following ETF approval. Yet, a shock did occur, and its impact is still ongoing. Ultimately, the market structure and transaction patterns have clearly changed since the ETF era.(mignolet)