Part 3/13:
Analyzing the initial ETF activity reveals a dissonance: while ETF volumes appeared concentrated on GBTC (Grayscale Bitcoin Trust), the actual impact on Bitcoin's spot price was muted. Interestingly, division among ETF providers, especially between BlackRock and other players, highlighted that the price fluctuations of Bitcoin ETFs don't directly mirror underlying Bitcoin prices. This hints at underlying depths of market manipulation and strategic trading practices.