Looking into this more there is def a correlation bt BITO volume spikes and IBIT price reversals up, which would seem to indicate the basis trade heating up given's BITO's explosive volume the past few weeks. Bc again, no regular investor is going to use BITO which charges 95bps and tracks futures when you can buy spot etfs for 20bps. So it pretty much has to be pro traders a la HFs in an arb trade. Not 100% sure on this but seems like a logical theory..(Eric Balchunas)