There were few ETFs in the original coin circle, and they were not withdrawn from CEX, so there was no spot deflation.
ETF ETFs, new money came in, and the form of ETF purchases
This round of "bull market" has a total of 16 billion ETFs. I estimate that 6-8 billion are institutional arbitrage, 5 billion are BTC holdings transferred to ETFs, and 3-5 billion are real retail investors
A simple estimate: Binance ETH transactions and holdings are 5 times that of Coinbase, and Binance BTC transactions are also 4 times
But Binance's holdings are 7 billion vs. 10 billion less
Most of Coinbase's are arbitrage and not traded