100%
Simple evidence for this is that BTC Weekly Volume across major exchanges has plunged by 70%+ in the past 7 mos (absent a notable “selloff bottom”).
Volume includes both buying & selling, obv.
Real BTC is not changing hands.
nostr:note1kxtkhw84jhtd7y65d65t45whkmdpysjge6rsq6gpuqwn9mfprpdshe0fjt