Would this behavior be inconsistent with entities believing into the tethering effect, and trying to use it to arbitrage? The fact that the market doesn't beha

Would this behavior be inconsistent with entities believing into the tethering effect, and trying to use it to arbitrage? The fact that the market doesn't behave like any "normal" market for a good that isn't expected to have a tightly "tethered" price is not particularly weird in my eyes.