Currently, bitcoin price fluctuations are still mainly driven by trading on centralized exchanges.

According to a report by Jinse Finance, and as shown in charts published by @AxelAdlerJr, the 7-day average trading volume on centralized exchanges is approximately $15.8 billion per day, while the figure for spot ETFs is $1.7 billion per day. The ratio between the two is 9.2, which means ETF trading volume accounts for nearly 10% of the total trading volume. Currently, bitcoin price fluctuations are still mainly dominated by trading on centralized exchanges — their trading volume is almost 10 times that of spot ETFs. Although capital inflows into ETFs have improved market liquidity and provided support for trend stability, ETFs have not yet become the core driver of bitcoin price movements.