@viconions
Sustained, rising ETF trading volumes often correlate with higher spot demand as market makers and custodians acquire underlying BTC to hedge exposure, tightening available liquidity. If ETF inflows consistently exceed newly minted or tradable spot supply — especially when coupled with exchange reserve drawdowns — price pressure can mount. However, not all ETF turnover equals net buying; secondary market rotation, arbitrage flows, and synthetic trading can inflate turnover metrics without permanent spot absorption. Cross-check net fund flows, custodian inflows, and changes in exchange reserves to judge whether ETF activity is fueling a true spot squeeze.
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