The new conspiracy theory reveals the truth behind last week's market anomalies:

The ETF experienced a net inflow of over $2.3 billion, but trading volume on the CB spot market did not increase; instead, there were small sell-offs. There are speculations that the futures main force may be engaging in cross-day subscription arbitrage operations for the ETF, meaning that after receiving subscription funds, the ETF asset management side might delay purchasing $BTC spot, waiting for the price to drop before buying, thus achieving arbitrage while short-selling users.

The futures main force raised the price to $69,000, making it difficult for the ETF to purchase BTC spot at the original price. The main force in the CB spot market placed massive sell orders, hoping for the price to drop or trigger a 'long squeeze.' After the price fell, they bought BTC in batches and returned unused funds.

During last week's ETF net inflow, the BTCUSD premium on CB decreased, and there were no significant buy-ins for spot CVD; the ETF managers seemed not to purchase spot. After the futures main force raised the price, they waited for the ETF spot to take over, and during yesterday's drop, CME and aggregated futures closed long positions, while Coinbase saw significant buying pressure.

The net inflow for the ETF yesterday may have been low or negative, and CB's buying pressure might have come from last week's ETF subscriptions, barely buying back $BTC at an average price. The buying pressure became an opportunity for the futures main force to exit liquidity. CME and Binance futures increased their positions, and if this process continues, CB may see sustained spot buying pressure.

The conspiracy theory suggests that the time lag between ETF subscriptions and the asset management side purchasing spot is used for arbitrage, short-selling users, and the futures market squeezing out ETF short positions, with futures pushing prices up while waiting for ETF spot takeovers, thus obtaining opportunities to exit liquidity. This may not be the so-called Trump Trade or Carry Trade, but rather the futures market squeezing out ETF, stealing profits from users. The gold ETF has already performed such operations, and the BTC ETF may be doing the same. ETFs can control a large number of chips and funds, thus controlling the market. After the historical high of $BTC , there was significant volatility in July, possibly because the ETF kept investors from leaving to earn excess returns.