Part 4/12:
A profound segment dissected market maker behavior, especially during recent periods with high trading volumes ($1 billion in 3 days), yet zero Bitcoin transfers—a phenomenon suggesting buffer zones created by market makers. The key question: Can market makers hold Bitcoin in inventory and manipulate the price range?
The answer is yes. Market makers buy and hold Bitcoin to facilitate ETF liquidity, creating a buffer that can temporarily suppress or amplify prices. This process involves creating or redeeming ETF units, which can absorb large flows without actual Bitcoin transactions on the blockchain, thus masking true supply and demand shifts.