Coinbase cold storage dips to the lowest its been in 2 years, at that time BCH was at $100. This may be users withdrawing to self custody, or increased competition by brokerages such as Robinhood, Etoro, webull & Interactive Brokers.

Current cold storage: https://bitinfocharts.com/bitcoin%20cash/address/1PUwPCNqKiC6La8wtbJEAhnBvtc8gdw19h

Old cold storage address: https://bitinfocharts.com/bitcoin%20cash/address/1JBHhm7Z6i5i65epVg2fA676PCE7WVQyv1

As we can see there is demand for BCH across many large platforms, so the first company to get a BCH ETF will be able to likely get a lot of this market share, and charge yearly fees forever, on an ETF which will be their cash cow.