Hear me out. So the COIN ETF was denied after 3 years of extensions due to the fact that the price of bitcoin is decided on unregulated exchanges. After a whole 3 years, this decision was made. Shortly after, Bitfinex, who has been running fine for years, besides the hack, has it's bank accounts locked up. The Winklevoss apply for a review of the ETF decision and the review is approved! Why in the hell would they approve the review shortly after they took 3 years to deny it. Well maybe because the only unregulated exchange that accepts USD deposits was locked up and now there is only regulated exchanges accepting USD. Does smart money see this too and that's why we're hitting ATH's? Did the SEC basically hint to the ETF that Bitfinex was the exchange holding them back?
I understand there are many unregulated exchanges, but I think it comes down to which ones accept USD as it's been proven that the price can vary greatly between exchanges depending on what their deposit and withdrawal methods are. Therefore, unregulated Chinese exchanges don't matter if your only using the current price from regulated USD exchanges.
And when I say unregulated, I mean not regulated in the US. There's a reason Bitfinex was able to pull off their BFX coin scam. Because they aren't under the jurisdiction of US laws.