ETFs and the free market

With all these headlines about inflows and outflows and buying/selling pressure, I'm starting to question the actual correlation with the free market.

Isn't possible these hedge funds accumulated crypto overtime for a while through coinbase, their custodian, making the inflows not impacting the market at all at the moment?

If they accumulated crypto at a lower price point, the shares they are selling are at current price but this liquidity would go straight to their pocket not actually pouring into the market. I'm not sure if I'm missing something but I don't see why this wouldn't be possible. What are your thoughts?

ps: I'm referring to ETFs of a coin in particular but posts about that coin is at it's limit so bots would delete my post.

edit: like exactly this post. We have the impression that "etf" money is in, well in fact it could just be money going to the hedge funds pockets because they already bought.