If the FTX/Grayscale selling is basically over, and the sell-the-news market participants are done, both likely to be true at this point I think, then the ongoing large accumulating of bitcoin from the ETFs is going to start shocking the supply soon.
The withdrawal from Grayscale is not sell orders this means it is not that people are selling Bitcoin for fiat. It is just a transfer of ownership from FTX/Grayscale to BlackRock. Within a few months, we might start seeing the impact of the accumulation by these ETF providers on the price of Bitcoin.
That is simply not true. Much of the Grayscale selling has not be moved over to other ETFs. FTX alone sold over a billion dollars of bitcoin in grayscale. And there was estimated to be a couple billion dollars of money that came into grayscale in recent months with the intention of just using it as an arbitrage trade to pick up the difference in that negative NAV Grayscale had and then selling once that price difference disappeared upon being converted into an ETF. I'm sure SOME of Grayscale selling was people moving to ETFs with cheaper fees, likely at the very least half, and probably more, of the selling simply left the market and didn't go into another ETF.
No idea why you think all the grayscale selling is just going to other ETFs when that is very plainly not true.