As many Bitcoin fans wonder why Bitcoin still hasn’t reached $150,000 — even with huge ETF inflows — one industry insider says the answer may not be market manipulation.
It may be the structure of the ETFs themselves.
Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, shared his view in a detailed post on X. His message was simple: the issue isn’t a shadowy Wall Street firm — it’s how Bitcoin ETFs are built.
It’s about structure, not conspiracy
Park says the real “villain” isn’t a trading giant like Jane Street. Instead, it’s the mechanics behind how Bitcoin ETFs operate.
At the center of this are Authorized Participants (APs). These are the big financial institutions that create and redeem ETF shares. Because of their role, they operate under special rules within Regulation SHO.
In simple terms, they have more flexibility than regular traders. That flexibility allows them to run strategies that look a lot like regulatory arbitrage — legally using the system in ways others can’t.
The key issue: Futures vs. spot Bitcoin
Here’s where it gets important.
When money flows into a Bitcoin ETF, many investors assume that means someone is buying actual Bitcoin on the open market. More demand should push prices higher.
But Park says that’s not always what happens.
Instead of buying spot Bitcoin, an AP can hedge its exposure using Bitcoin futures. If that happens, no actual Bitcoin is purchased in the spot market.
That breaks the direct link between ETF inflows and Bitcoin’s price.
In other words: money may be flowing into ETFs — but that doesn’t automatically mean buying pressure on public exchanges.
“In-kind” redemptions change the game
Park also points to the shift toward “in-kind” redemptions.
Before, ETF mechanics sometimes forced real Bitcoin buying. Now, APs can source Bitcoin privately through OTC (over-the-counter) desks with very little impact on public markets.
That means less visible buying pressure where price discovery happens.
The bigger picture
Park’s conclusion is clear: no one is necessarily manipulating Bitcoin.
But the regulatory framework — built for traditional assets — may not fit Bitcoin’s design. The system allows large players to operate in a middle space that doesn’t always translate into explosive price moves.
For investors expecting ETF inflows alone to push Bitcoin to $150,000, this explanation offers a reality check.
The demand might be there.
But the structure of the market may be absorbing the impact.
