Could exchanges be exposed for having fake BTC due to the surge in ETF trading volumes?

BlackRock's IBIT reaches a record trading volume of $7.69 billion, setting a new historical record for the U.S. spot Bitcoin Exchange-Traded Fund (ETF)—more than one and a half times higher than the previous record.
According to data published on X by Bloomberg ETF analyst James Seyffart, on February 28, the trading volume of these 10 ETFs amounted to $7.69 billion. The previous record was set at $4.66 billion in trading volume on the day of the fund's launch, January 11.

The details are as follows:

1. The trading volume of BlackRock's iShares Bitcoin Trust (IBIT) reached $3.35 billion, accounting for 43.5% of the total trading volume—roughly equivalent to the trading volume of all 10 ETFs the day before, on February 27.
2. Following closely was the Grayscale Bitcoin Trust (GBTC) with a trading volume of $1.86 billion.
3. The Fidelity Wise Origin Bitcoin Fund (FBTC) ranked third with $1.44 billion, doubling its trading volume record. The total trading volume of GBTC and FBTC also reached an astonishing $3.3 billion, approximately 43% of the total.

With the growth in BTC ETF trading, could exchanges engage in selling fake BTC?

Bloomberg analyst Eric Balchunas added that market makers told him the volume was largely "natural demand," rather than the algorithmic or arbitrage trading volume he had speculated about earlier.

In my opinion, there might be a concern: such astonishing trading volumes of ETFs could potentially buy up all the over-the-counter BTC, leading to old money rushing into exchanges to buy BTC. In this scenario, could exchanges start to panic? Because many exchanges have a lot of fake BTC.

GBTC sees the highest outflows since January 30

On the day the trading volume record was set, Bitcoin rose more than 10%, reaching a two-year high of $64,000. At the same time, according to preliminary data from Farside Investors, GBTC net outflows on February 28 amounted to $216.4 million. This was the highest single-day outflow since January 30, when $220.7 million was withdrawn, and the highest outflow in February to date.

Image Source: Farside Investors