Coinbase is selling paper bitcoin to Blackrock and all of the ETFs it custodies. 

Rehypothecation is occuring from bitcoin they owe to their retail customers holding on their exchange. 

This range is Coinbase selling the tops and buying the dips to capture the spread to acquire the bitcoin they don’t actually have to the etfs at a later date.

If this doesn’t blow up in their face, they’ll continue to manipulate the market with this strategy.

#🌝