Pyth Amplifies $218 Million Turnover Claim Tied to BlackRock’s Brazil ETF

Pyth Network amplified a $218 million turnover figure for perpetual futures tied to BlackRock’s Brazil ETF (EWZ); the derivatives-market figure does not measure purchases of the fund’s shares.

Turnover measures trading activity in derivatives contracts. It does not show that $218 million flowed into EWZ or how many shares of the fund traders bought.

The same distinction applies across real-world-asset perpetual futures, where trading volume does not mean participants bought the underlying stocks or commodities.