Well maybe that's why we are seeing a $10 rise today??
But in all honesty this looks like a complete trend reversal. Last 15 days, since the Gemini launch, we have a constant upward pressure and we are growing very nicely, without any parabolic moves, which is great.
When Coinbase opened I don't think it had massive volume. Like Gemini it was barely noticeable at first, then after a few months its volume picked up. Gemini does offer a safe exchange that hasn't been hacked, is fully regulated and insured. After it starts letting international customers trade it will probably get much higher volume, and might become the leading exchange after the ETF opens.
The ETF opening combined with more worldwide government acceptance might start a parabolic move.