Currently, the price fluctuations of Bitcoin are still mainly dominated by transactions on centralized exchanges

Huobi HTX reported that according to @AxelAdlerJr released a chart, the 7-day average trading volume of centralized exchanges is about US$15.8 billion per day, while the spot ETF is US$1.7 billion per day, with the ratio of the two being 9.2, which means that the ETF trading volume accounts for nearly 10% of the total trading volume. Currently, Bitcoin’s price fluctuations are still mainly dominated by trading on centralized exchanges—its trading volume is almost 10 times that of spot ETFs. Although ETF capital inflows have improved market liquidity and also supported trend stability, it has not yet become the core factor driving Bitcoin price trend.