Spot markets drive Bitcoin prices, leaving ETPs in the shadows.
The study looked at how Bitcoin prices are determined by comparing exchange-traded products (ETPs) and regular spot markets. They analyzed data from August 2021 to July 2022 using different methods. The results showed that the spot market has a bigger impact on setting Bitcoin prices compared to ETP markets. This means that most investors prefer trading on spot markets because they have more liquidity and are open 24/7.