I really don't understand why Coinbase can maintain such a large negative premium when there is such an inflow of spot ETFs. Coinbase is always selling. But doesn't the spot ETF prove that a large number of buyers are on Coinbase? Unless the spot ETF is not bought on Coinbase, or the spot ETF data itself has problems.

In the past, Coinbase's negative premium of tens of dollars basically meant a sharp drop. Now the negative premium is tens of dollars or hundreds of dollars, which is weak, but the spot ETF has such a strong inflow and is supporting it. So I really don't understand it now.