My theory was that BTC was too susceptible to manipulation to issue an ETF yet. Apparently I'm wrong, which is understandable, because I make beer for a living...
What you mean is that bitcoin price is more volatile to United States spot ETF news. I can remember the news took the price from $24800 to over $40000 now. But just yesterday that we read a news about possibility that United States SEC may reject the application, bitcoin fall from over $45000 to $40200 until it increased back. That is not manipulation. It is because people having bitcoin buy when the news is positive and sell when the news is negative. It is people and no just a single or few people that are buying or selling that makes the price of bitcoin to be much volatile it it increased or decreased. Bitcoin marketcap is over $860 billion, that is more than what can be be used to manipulate bitcoin price.