I understand the purpose of a spot ETF to give easier exposure for people and that it tracks the price of the bitcoin market. My question is about the literal logistics.
If people purchase Bitcoin directly, the demand raises the price, and vice versa. But if people are purchasing shares of an ETF from Fidelity or BlackRock, how does that affect the pricing of the Bitcoin market itself? Are the hedge funds matching the bitcoin buy in the actual market to correlate with the customers' purchases?
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