Some friends in the comments are wondering if the ETF is causing a lot of buying and selling, making Bitcoin spot exchange data less noticeable. Actually, that's not the case. Over the past week, although bitcoin:native has been performing well, the trading volume of spot ETFs hasn’t been high. You can see this from IBIT’s data—it’s been relatively low for quite a while. As for the ETF primary market, there’s even less activity. While there have been some redemptions and transfers in the past two days, the total volume is still far behind that of exchanges. Right now, Bitcoin’s main trading activity is still happening on centralized exchanges. @Gate Crypto, US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all in one platform for trading!