ETFs have a much greater impact on Bitcoin's long-term trends compared to exchanges. Some people think ETFs are outdated information. Actually, it's because you don't have a Bloomberg Terminal to access real-time data, so what you're seeing is always yesterday's numbers. In the past two years, ETFs have had a net inflow of around 700,000 BTC. Meanwhile, Binance and Coinbase, the two largest exchanges, each hold just over 600,000 BTC in reserves. The buying and selling on Binance is just circulating within that 600,000 BTC. ETFs, on the other hand, represent fresh buying power of 700,000 BTC from scratch, and their impact on trends is obvious. Additional note: For Bitcoin's ultra-short-term movements, the power of exchanges is indeed very important. But when it comes to long-term trends, ETFs have a far greater influence than exchanges.