Very bullish. And whats more bullish is that they will hold it for a long time, wich mean its less btc avalible to trade, eventually the price will go up big time.
The halving cycle has always been my target to have my goals hit by.
Problem with that was, this ETF hype made everything way more expensive leading up to it.
You think the price will keep rising towards halving? Instead of sideways and boom after halving?
Every time halving happend btc has made new ATH half a year after. Will it happend again?
Maybe 100k is possible even before halving.
But btc never go up big right away after halving, it peak around 12 months after halving right?
I'm just saying I'd have preferred to keep buying everything at September prices through the end of last year instead of everything going way up out of hype for the ETF.
Well, historically in the past, it crashes hard right before the having. Check out the past charts. However, with the ETF frenzy and all going on, I have a deep feeling that this time it might be different. Please keep in mind I don’t know FCK about shit though.
I think history will repeat and we gonna dump before halving, and then after halving starting to climbing up.
We have a huge gap at 30-34k to fill, even under 30k is possible.
I know the charts and cycle history. But there's no denying the fact that the BTC ETF hype inflated the hell out of prices.
I do too don't know S*** about F***, but I do know that much.
It's possible that the ETF hype fueled the rally over the last 6 months. Though it's also possible that the last bull market top was cut off prematurely, and the lows we saw in the bear were way undervalued. We spent a good amount of time under the 200 wma, which is unusual compared to past cycles. It could be that Bitcoin just returned to its fair value after all the drama in the space settled.
Don't be silly, the reason for the selloff was gray-scale. Also people were trying to frontrun the opportunity.
Being that they buy their BTC OTC we can't expect the buying to affect the price instantly. Think of it as an alternative halving, it takes time for the supply shock to happen
Lol the eft just got approved. Did you really think everyone would go all in right away?
Look at golds etf when it come, started to ris big 3 months after the approval.
I have always said it won’t happend right away. Relax.
As I said, look at sp500 etf, gold etf, it didnt explode right away. People that think everyone would go all in with funds right away isnt smart.
So all of the 6.1 mm users on this subreddit have to be of the same opinion?
It's to be expected, that most comments around big milestones are from the impatient people who either FOMO'ed in, or simply have not been around for very long, and therefore have not seen this kind of volatility before. (IIRC there been around 200,000 new subs in the last two months or so.)
they will buy OTC from exchanges/miners/whales who have been accumulating for this. Same thing happened last cycle with tesla et al.
eventually it will translate to the price though.
I know. But wait and see. Big money will Probably come in.
Do you guys think all funds and institutions was gonna go all in as soon etf got approved? It could take years for them to buy.
They are just buying cheaper and then manipulating the market to sell above what they bought at. This is why Vanguard is not involved in this shady shit.
Same logic applied it can go down big-time as well. Less supply means more volatile. Since BTC has no intrinsic value, it's subject to fluctuate wildly the less supply there is. Someone can enlighten me if I'm missing something.
maybe, maybe not. I do not believe coinbase does all there transactions on chain or even most of them. The have a shitton of btc in reserve that is the float and its accounting is done on a traditional database that rolls up to on chain tx's based on either timing or some set of criteria or type of tx.
Just because, for example, the ARK etf has a shit ton of buys happening does not mean it will be reflected on chain in any manner that becomes obvious unless wallets are leaked/made known.
Still seems like these are baby numbers compared to the **B**illions traded just yesterday. How can you have an ETF that saw billions of dollars traded and only have 0.010 or even 0.230 billion of the asset on hand? I'm sure they are following the law, I just don't understand it.
Volume doesn't really mean anything except that there is liquidity
I could buy 1b of the ETF and sell it in the same day. That's 2b on the books but the ETF wouldn't have to buy a single BTC, assuming the price didn't change
Blackrock appears to be updating the stats on IBIT daily here: https://www.blackrock.com/us/individual/products/333011/ishares-bitcoin-trust
I assume there are metrics on the others somewhere too.
They don't have to buy and probably didn't have to buy a lot of bitcoins to start the funds. Also we will see the real results of the ETFs a few days later which is good showing it wasn't priced in and that it can get a bit higher
Exactly. In most brokerage accounts you can’t buy with funds from sales for 3 or so days until the trade settles. No one knew for sure that these ETFs were going to be approved and so giving people a few days to move out of their positions and into these ETFs is only fair. First day was from cash that was already sidelined. People in traditional finance don’t move at the same speed as people in crypto because they can’t.
Speculation is that most of that volume was rotation from GBTC to lower fee alternatives.
The next few weeks will be a better gauge for volume than the first few days. My expectation is that its much lower but steadily ramps up. Who knows, we'll see.
The people who are going to buy this were never going to buy it the day of listing... anyone that excited about it has had plenty of time and other opportunities to get in beforehand. I'm firmly in the "dip then rip" camp. If we see 36k to 38k before rebounding to new all time highs, that would be very healthy.
What’s difficult to understand? You have 1 apple. I buy it from you. Then I sell it to someone else. You then buy it from someone else and sell it again to me. Our volume of transactions is 5 (you > me > third person > you > me) but it’s still the same 1 apple. We didn’t have to buy 4 more apples to accommodate for all these 5 trades.
Same happens here but on a larger scale.
There are 11 funds and total volume is just adding up all buys and sells. It’s just kind of a misleading metric on its face cuz the same single bitcoin could be traded multiple times throughout the day making for a high volume number but not necessarily meaning super high “holdings” number at end of day
I can sell you a chicken for $100, and you can sell it to someone else, and they to someone else..it's still the same one chicken, but the trading it does is several thousands.
Right, how about I distrust legacy finance for rational reasons.
Just because someone agrees with your conclusion e.g. they also don't trust legacy finance, doesn't mean you have to agree with their reasons. Especially if those reasons are irrational or wrong.
The following are just my thoughts.
The entities behind the ETFs make money on commission. This means that as more people are buying and selling the underlying asset, the more the entities will earn.
They bought a lot of bitcoin in order to control the movement of Bitcoin better, which means they will push Bitcoin to a place where there is the most trade as their commission will be higher. You need to have a lot of bitcoin in order to be able to manipulate the price as you want. (It is still small potatoes for these firms).
So if people dont want to buy it at this price and dont want to sell it either, the entities will move the price down or up depending on where the trades will come in.
They might crash it in order to buy more themselves or also send it to the sky in order to sell a bunch and exit.
If every post with lies (or misunderstandings probably) were deleted from Reddit, we'd have like 10% of the comments left.
We'd be stuck in a desert of truths.
Etfs won't ruin bitcoin. They might hurt naive people who think they have bitcoin but only have fake etf bitcoin. It will delay adoption but not kill it.
My bitcoin in cold storage doesn’t care. Bitcoin is still bitcoin, and always will be. We bow to bitcoin, not the other way around, even for the biggest bankers.
Still a lot of supply on the exchanges. Also over the counter so it doesn’t really move the price all that much. I’m waiting until the big exchanges run low on BTC. Then we will see some insane price action.
Yeah but I can now use my retirement account with tax free dollars buy BTC. It’s not like I can withdraw that money and buy BTC on Coinbase.
One of the main points of the ETF is to access capital that just can’t buy BTC via traditional routes.
yet we crab.
explain, i don't understand. is it simply that the exchanges are holding so much reserve btc on the books they can absorb this and only have 5% price swings?
Exactly. It’s not bringing new buyers. Just people moving from one hand to the other. There will be some new customers for sure but not enough of size to have much effect and plenty of sellers - plus the OTC market is stacked. They ain’t running out any time soon folks. That’s a pipe dream.
Yeah they have a deal with coinbase (as most ETFs do) to buy OTC. When coinbase runs out of OTC Bitcoin, they will have to purchase on the market. When these ETFs exhaust Coinbase's BTC is the real question. Obviously all these exchanges don't operate at 1 to 1 and are more fractional reserve. The metric is at what % of holdings can they safely keep on their exchange wallet without becoming insolvent. If everyone takes their coin off the exchange (as they should, especially if they are not actively trading) it will make this metric (% of actual BTC required for coinbase to keep on exchange) go up. So again, take your coin OFF and self custody as soon as possible.
EDIT: Coinbase, under law CANNOT operate at fractional reserve. However, many CEX have collapsed due to insolvency issues.
been hearing that otc's will run out of supply for years, even going back to 2016, still in the circles I run in the daily updates of # of coins available for OTC never really reduces by a lot. A lot of miners/early adopters have a shit load of coins they can offload, they typically do it in batches, doesn't pay to put 500k btc up for OTC if ya gonna sell em in batches of say 5-10k btc. You basically just gotta let the otc desk know you got 50k btc for otc and your basic sell requirements, like spot plus vig.
So you're propoosing a run on Coinbase? Everyone here who has coins wih Coinbase should move them to cold to lower the balance of coins Coinbase has on account?
Theoretically just look at the blockchain and match the quantity. But knowing banking, it’s doubtful it’s all sitting in a single wallet or even all in actual bitcoin.
I’m not sure how they actually do the OTC. If it’s transferred between wallets, it’ll show up on the blockchain. But you could theoretically just buy a wallet from someone in cash and there’s no movement between wallets. You could also just write an IOU that says you own x bitcoins, but there’s no actual interaction with the blockchain.
Keep in mind Blackrock was buying bitcoin way in advance so they would already have some and not have to panic buy all in the first few days of trading
They don’t have to buy though because people are selling.
They took in a X amount of money for “bitcoin”. Bought X/2 amount of it and now people are selling because the price didn’t go up they’re making an absolute killing.
Fucking tradfi scam is what it is
Typically, in a spot Bitcoin ETF, the cash allocation is not directly invested in Bitcoin. Instead, it serves various purposes such as facilitating liquidity, covering operational expenses, or managing potential redemptions. The cash component can be used for managing the fund's day-to-day operations and ensuring that the ETF can meet investor redemptions or other financial obligations.
We need the ETF to run out of OTC sellers first. They are buying all these shares off exchanges so price isn’t changing because the buys aren’t on the typical books we are used to on an exchange. Coinbase is facilitating OTC to match buyers and sellers directly in large volume. Not illegal at all, but frustrating for the little people who can’t do that.
Nope. Wrong wrong. Where do you think the OTC stock comes from? If they keep their OTC supply at X amount, they need to refill it back to X amount in equal parts to stay solvent. Proof of reserves ya know. The spot price is accurate. It just hasn't moved in a net direction yet because legacy finance is slow to build momentum
I think I can speak for everyone when I say that nobody cares if it means the price is in a free fall. Silly little bitcoiners, always changing their tune to adapt to the shit situation.
Are you another one who likes to pretend you knew that the price was gonna drop post ETF approval? "Yeah we expected this. Just give it a few more months/ years" 😆😆
Yeah thats how it works. New to investing?
We went from 25k to 49k in anticipation of the ETF event. Who is left to buy after the event? Everyone already have their bag.. all there is left is to take profits.
The weekly candles tell me you can expect minimum a month or more RED.
Price continues to drop.
Naysayers predicting that ETFs will make the price easier to manipulate up and down, pump and dump...
I'm wondering how all this is going to turn out for our beloved BTC...
This is what is expected to happen eventually. And then these ETF would have to market Buy from exchanges.
By the way GBTC just sent 4000 bitcoin to coinbase for probably selling. This also might have dictated the recent dump in price.
You have half that right. Going from ~$10mm to ~$120mm *is* the ~$111m they needed to buy. There's not another $111m yet to buy. They settled day 1 trades.
But moving forward, each day will hopefully force them to bring in another $100m or more.
I think it's important to say that these institution don't buy at market like we do. They usually buy from whales so their purchases don't affect the price immediately like you would expect.
So they grew their holdings by 23x in one day!
Very bullish. And whats more bullish is that they will hold it for a long time, wich mean its less btc avalible to trade, eventually the price will go up big time.
Hopefully this will finally push the needle. Common sense says it should, but seems like every time there is an expected bump it doesn’t happen.
It will not happend right away. Give it couple of months and years.
The halving cycle has always been my target to have my goals hit by. Problem with that was, this ETF hype made everything way more expensive leading up to it.
You think the price will keep rising towards halving? Instead of sideways and boom after halving? Every time halving happend btc has made new ATH half a year after. Will it happend again? Maybe 100k is possible even before halving. But btc never go up big right away after halving, it peak around 12 months after halving right?
I'm just saying I'd have preferred to keep buying everything at September prices through the end of last year instead of everything going way up out of hype for the ETF.
Well, historically in the past, it crashes hard right before the having. Check out the past charts. However, with the ETF frenzy and all going on, I have a deep feeling that this time it might be different. Please keep in mind I don’t know FCK about shit though.
Nobody knows shit about fuck.
Our history is his story not ours, we must take back power.
I think history will repeat and we gonna dump before halving, and then after halving starting to climbing up. We have a huge gap at 30-34k to fill, even under 30k is possible.
I know the charts and cycle history. But there's no denying the fact that the BTC ETF hype inflated the hell out of prices. I do too don't know S*** about F***, but I do know that much.
It's possible that the ETF hype fueled the rally over the last 6 months. Though it's also possible that the last bull market top was cut off prematurely, and the lows we saw in the bear were way undervalued. We spent a good amount of time under the 200 wma, which is unusual compared to past cycles. It could be that Bitcoin just returned to its fair value after all the drama in the space settled.
The ETF’s will have an effect on the 4-year boom-bust cycle. However, nobody knows how it will change t he cycle
BTC never goes up when people think it will because the price gets inflated to hell and back leading up to it
They want it cheap. So they caused it to plummet and they can bit cheap, halvening will really get good ROI for them.
it should have pushed it instantly. this is all getting internalised and no BTC is actually moving anywhere. banks scammed this thing once again.
Don't be silly, the reason for the selloff was gray-scale. Also people were trying to frontrun the opportunity. Being that they buy their BTC OTC we can't expect the buying to affect the price instantly. Think of it as an alternative halving, it takes time for the supply shock to happen
I've been hearing this for a couple months and years.
Lol the eft just got approved. Did you really think everyone would go all in right away? Look at golds etf when it come, started to ris big 3 months after the approval.
Nahh..rewind to a week ago and all the bitcoiners had a different tune. Always adapting and changing the narrative.
I have always said it won’t happend right away. Relax. As I said, look at sp500 etf, gold etf, it didnt explode right away. People that think everyone would go all in with funds right away isnt smart.
So all of the 6.1 mm users on this subreddit have to be of the same opinion? It's to be expected, that most comments around big milestones are from the impatient people who either FOMO'ed in, or simply have not been around for very long, and therefore have not seen this kind of volatility before. (IIRC there been around 200,000 new subs in the last two months or so.)
Exactly. It’s almost a parody at this point.
they will buy OTC from exchanges/miners/whales who have been accumulating for this. Same thing happened last cycle with tesla et al. eventually it will translate to the price though.
Common sense in crypto markets. My sides.
$110m is not that big, Saylor is buying that much with his pocket change.
I know. But wait and see. Big money will Probably come in. Do you guys think all funds and institutions was gonna go all in as soon etf got approved? It could take years for them to buy.
No look at vanguard
Vanguard will probably jump in a few years from now
Add the scarcity the halving adds on top of that. We could be primed for a serious rip in 6-12 months
They are just buying cheaper and then manipulating the market to sell above what they bought at. This is why Vanguard is not involved in this shady shit.
Same logic applied it can go down big-time as well. Less supply means more volatile. Since BTC has no intrinsic value, it's subject to fluctuate wildly the less supply there is. Someone can enlighten me if I'm missing something.
Wait shouldn’t those volumes mean Coinbase’ reserves should be about depleted and open market impact should start being felt soon?
If they continue growing at this rate (23x per day), they'll hold over 3 billion Bitcoin by the end of the week! https://xkcd.com/605/
I’m sure that majority of this is just rearranging GBTCs stack people finally fleeing
One question: where in this report can we see the holdings of actual BTC coins that their ETF has in its custody?
You won't because they are buying OTC from coinbase.
Wait somebody will definitely figure it out on- chain.
maybe, maybe not. I do not believe coinbase does all there transactions on chain or even most of them. The have a shitton of btc in reserve that is the float and its accounting is done on a traditional database that rolls up to on chain tx's based on either timing or some set of criteria or type of tx. Just because, for example, the ARK etf has a shit ton of buys happening does not mean it will be reflected on chain in any manner that becomes obvious unless wallets are leaked/made known.
Want OTC start to run low at some point.
Doubtful. These places have massive reserves of BTC and there are always sellers looking to cash their profits and walk.
Im pretty sure they’re already holding a big bag of btc even before filing for the ETF last year, so they really don’t need to buy any right now.
BTC were already bought, just wasn't in the ETF account.
on paper they did it but probably don´t own any bitcoin
Great, why is BTC going down like a rock?
And tanked it by nearly 10% lol
Hmmm interesting hypothesis… so what is 100 million divided by 900 billion? (The total market cap of BTC)
And we dip we dip we dip
What better way to celebrate than with a sale!
When I dip you dip we dip
One is free to destroy something if they own it
Still seems like these are baby numbers compared to the **B**illions traded just yesterday. How can you have an ETF that saw billions of dollars traded and only have 0.010 or even 0.230 billion of the asset on hand? I'm sure they are following the law, I just don't understand it.
Volume doesn't really mean anything except that there is liquidity I could buy 1b of the ETF and sell it in the same day. That's 2b on the books but the ETF wouldn't have to buy a single BTC, assuming the price didn't change
New ETF creation units is the key metric to watch.
How can we track this?
Blackrock appears to be updating the stats on IBIT daily here: https://www.blackrock.com/us/individual/products/333011/ishares-bitcoin-trust I assume there are metrics on the others somewhere too.
This 👆
They don't have to buy and probably didn't have to buy a lot of bitcoins to start the funds. Also we will see the real results of the ETFs a few days later which is good showing it wasn't priced in and that it can get a bit higher
Also "volume" counts both ways. If I sell 10 and buy 10, that is 20 of volume...
[удалено]
This. Exactly this. So essentially, they can manipulate the cost and make big bucks.
R u sure about that? Seems like only 10 moves.
Exactly. In most brokerage accounts you can’t buy with funds from sales for 3 or so days until the trade settles. No one knew for sure that these ETFs were going to be approved and so giving people a few days to move out of their positions and into these ETFs is only fair. First day was from cash that was already sidelined. People in traditional finance don’t move at the same speed as people in crypto because they can’t.
I read someone's comment here that the big money would come in about three months after the funds have done their DD
Speculation is that most of that volume was rotation from GBTC to lower fee alternatives. The next few weeks will be a better gauge for volume than the first few days. My expectation is that its much lower but steadily ramps up. Who knows, we'll see. The people who are going to buy this were never going to buy it the day of listing... anyone that excited about it has had plenty of time and other opportunities to get in beforehand. I'm firmly in the "dip then rip" camp. If we see 36k to 38k before rebounding to new all time highs, that would be very healthy.
What’s difficult to understand? You have 1 apple. I buy it from you. Then I sell it to someone else. You then buy it from someone else and sell it again to me. Our volume of transactions is 5 (you > me > third person > you > me) but it’s still the same 1 apple. We didn’t have to buy 4 more apples to accommodate for all these 5 trades. Same happens here but on a larger scale.
There are 11 funds and total volume is just adding up all buys and sells. It’s just kind of a misleading metric on its face cuz the same single bitcoin could be traded multiple times throughout the day making for a high volume number but not necessarily meaning super high “holdings” number at end of day
I can sell you a chicken for $100, and you can sell it to someone else, and they to someone else..it's still the same one chicken, but the trading it does is several thousands.
It's all paper. See here: https://www.reddit.com/r/Bitcoin/comments/194smgt/what_was_that_about_no_paper_bitcoin_because/khid279/
You and the link are incorrect.. the link reads like fever dream.
The only fever dream is thinking you can trust legacy finance.
Right, how about I distrust legacy finance for rational reasons. Just because someone agrees with your conclusion e.g. they also don't trust legacy finance, doesn't mean you have to agree with their reasons. Especially if those reasons are irrational or wrong.
They will buy the very cheap dip
This could just be people moving from grayscale to BlackRock. We would look at this collectively across all 11 ETFs.
The following are just my thoughts. The entities behind the ETFs make money on commission. This means that as more people are buying and selling the underlying asset, the more the entities will earn. They bought a lot of bitcoin in order to control the movement of Bitcoin better, which means they will push Bitcoin to a place where there is the most trade as their commission will be higher. You need to have a lot of bitcoin in order to be able to manipulate the price as you want. (It is still small potatoes for these firms). So if people dont want to buy it at this price and dont want to sell it either, the entities will move the price down or up depending on where the trades will come in. They might crash it in order to buy more themselves or also send it to the sky in order to sell a bunch and exit.
You should have started with your last phrase.
This will not make the price pump for those wondering.
yea why? It's not true that they have to buy end of day? OP wrong then his post should be F'n deleted.
If every post with lies (or misunderstandings probably) were deleted from Reddit, we'd have like 10% of the comments left. We'd be stuck in a desert of truths.
All the buys will be off chain between players. No real market moves
Why?
It would be over the counter buys, not market purchases. Those are done between two parties at an agreed price, so it won’t affect the value
Got it. Thanks! 👍🏼
I hope they approve the halvening
Halving doesn’t need approved ….it just happened automatically after a certain block is mined
Sarcasm
Everyone thinks it's so great that ETF have been approved. In some ways it's sad that Bitcoin is being adopted by the evil bankers.
That is not adoption is speculation. But in a way this will spread the word for others to know it and dip their toes
If being used by banks ruins a money, then it's bad money, which Bitcoin is not.
Etfs won't ruin bitcoin. They might hurt naive people who think they have bitcoin but only have fake etf bitcoin. It will delay adoption but not kill it.
Stack during the delay.
My bitcoin in cold storage doesn’t care. Bitcoin is still bitcoin, and always will be. We bow to bitcoin, not the other way around, even for the biggest bankers.
they will overtake it and just cripple us again
Lol how? Bitcoin doesn't care. Tick tock, next block.
Still a lot of supply on the exchanges. Also over the counter so it doesn’t really move the price all that much. I’m waiting until the big exchanges run low on BTC. Then we will see some insane price action.
proof of website - just as Satoshi envisioned
And we get a slow bleed down. 🤦♂️
Guys. Help me. What does it mean by alternative in report? Do they really buy bitcoin?
OTC marketplace is 50 billion deep. Needs to exhaust this before we can think about bitcoin price increasing.
How does OTC work?
People paying fees to help BlackRock accumulate Bitcoin and they can't even withdraw that Bitcoin.
Yeah but I can now use my retirement account with tax free dollars buy BTC. It’s not like I can withdraw that money and buy BTC on Coinbase. One of the main points of the ETF is to access capital that just can’t buy BTC via traditional routes.
This is why
yet we crab. explain, i don't understand. is it simply that the exchanges are holding so much reserve btc on the books they can absorb this and only have 5% price swings?
I think this is mostly people converting their GBTC to the ETF. So there’s no new “buy” required, just a transfer between Greyscale and Blackrock
Exactly. It’s not bringing new buyers. Just people moving from one hand to the other. There will be some new customers for sure but not enough of size to have much effect and plenty of sellers - plus the OTC market is stacked. They ain’t running out any time soon folks. That’s a pipe dream.
I thought they would buy by demand because if prices rise they have to pay more. Maybe they have a deal and they buy by the avg daily price
Yeah they have a deal with coinbase (as most ETFs do) to buy OTC. When coinbase runs out of OTC Bitcoin, they will have to purchase on the market. When these ETFs exhaust Coinbase's BTC is the real question. Obviously all these exchanges don't operate at 1 to 1 and are more fractional reserve. The metric is at what % of holdings can they safely keep on their exchange wallet without becoming insolvent. If everyone takes their coin off the exchange (as they should, especially if they are not actively trading) it will make this metric (% of actual BTC required for coinbase to keep on exchange) go up. So again, take your coin OFF and self custody as soon as possible. EDIT: Coinbase, under law CANNOT operate at fractional reserve. However, many CEX have collapsed due to insolvency issues.
Just ordered the blockchain jade, I was thinking the same about getting it off the exchange asap.
I'm interested in that one as well
been hearing that otc's will run out of supply for years, even going back to 2016, still in the circles I run in the daily updates of # of coins available for OTC never really reduces by a lot. A lot of miners/early adopters have a shit load of coins they can offload, they typically do it in batches, doesn't pay to put 500k btc up for OTC if ya gonna sell em in batches of say 5-10k btc. You basically just gotta let the otc desk know you got 50k btc for otc and your basic sell requirements, like spot plus vig.
When they start offering high interest for some kind of btc earn program, you know they are running low.
So you're propoosing a run on Coinbase? Everyone here who has coins wih Coinbase should move them to cold to lower the balance of coins Coinbase has on account?
Absolutely. Coinbase or any exchange is like a public restroom.. do your business and get out of there.
Yes
Wonder how smaller outfits like Swan are going to operate in a gamma squeeze environment.
why before the end of the day?
Rules
Are we able to see the wallet holding it?
You think that BlackRock will show you what they have? Lol
Theoretically just look at the blockchain and match the quantity. But knowing banking, it’s doubtful it’s all sitting in a single wallet or even all in actual bitcoin.
But if they buy OTC you can't know? Or am I wrong. Cold wallet to cold wallet and that is it.
Or the coins were already in coinbase vault, and are now earmarked for say blackrock instead of miner X. The coins might have already been moved.
I’m not sure how they actually do the OTC. If it’s transferred between wallets, it’ll show up on the blockchain. But you could theoretically just buy a wallet from someone in cash and there’s no movement between wallets. You could also just write an IOU that says you own x bitcoins, but there’s no actual interaction with the blockchain.
Is that why BTC is down 10% since yesterday? Because BlackRock is buying so much? Doesn't seem to add up.
$ trade volume was high all day yesterday. Cool stuff.
And yet the price keeps falling.
If you're not going to sell why does it matter.
No wonder we are dumping
Buying the top or what 😂😂
Blackrock bought the dip.
Watch them manipulate this now too!
people here dont know how tiny 100mil is
Keep in mind Blackrock was buying bitcoin way in advance so they would already have some and not have to panic buy all in the first few days of trading
Converted an old tucked away employee 401k to IRA and 50% it to FBTC
I just got a lot dumber by reading every comment on this thread. Good lord 🤦♂️
Source? I don’t see it in the link you shared?
Nvm I see it holdings show cash and BTC wow thanks for sharing
and the price just went sub 45k, i called for a pull back, if 40k don't hold see if 37k does
They don’t have to buy though because people are selling. They took in a X amount of money for “bitcoin”. Bought X/2 amount of it and now people are selling because the price didn’t go up they’re making an absolute killing. Fucking tradfi scam is what it is
Big money wins again. They never learn.
So why price of bitcoin falling?
Then why we dumping?
Typically, in a spot Bitcoin ETF, the cash allocation is not directly invested in Bitcoin. Instead, it serves various purposes such as facilitating liquidity, covering operational expenses, or managing potential redemptions. The cash component can be used for managing the fund's day-to-day operations and ensuring that the ETF can meet investor redemptions or other financial obligations.
But price is going down! Wtf!!
Happy cake day!
It’s weird that the price isn’t rising on the underlying asset here though
We need the ETF to run out of OTC sellers first. They are buying all these shares off exchanges so price isn’t changing because the buys aren’t on the typical books we are used to on an exchange. Coinbase is facilitating OTC to match buyers and sellers directly in large volume. Not illegal at all, but frustrating for the little people who can’t do that.
Nope. Wrong wrong. Where do you think the OTC stock comes from? If they keep their OTC supply at X amount, they need to refill it back to X amount in equal parts to stay solvent. Proof of reserves ya know. The spot price is accurate. It just hasn't moved in a net direction yet because legacy finance is slow to build momentum
How we can know how many OTC coins remain?
It’s equal to the number being sold OTC (supply and demand). Edit - OTC means you match a seller to a buyer
I think citadel is shorting it
Buy the rumor and sell the fact.
But BTC didn’t moon. I thought moon
That never works with crypto. Usually doing the opposite of what normal people expect it to do next
I think I can speak for everyone when I say that nobody cares if it means the price is in a free fall. Silly little bitcoiners, always changing their tune to adapt to the shit situation.
lol did you just get into bitcoin hoping for some quick profits? :DD Welcome to the party pal.
Are you another one who likes to pretend you knew that the price was gonna drop post ETF approval? "Yeah we expected this. Just give it a few more months/ years" 😆😆
Yeah thats how it works. New to investing? We went from 25k to 49k in anticipation of the ETF event. Who is left to buy after the event? Everyone already have their bag.. all there is left is to take profits. The weekly candles tell me you can expect minimum a month or more RED.
Net inflows were $400M across the 11 ETF’s yesterday
Lol
good luck to them, but they’ll have to get their btc from someone else
I hope there is no seller, could be interesting 😉
Price continues to drop. Naysayers predicting that ETFs will make the price easier to manipulate up and down, pump and dump... I'm wondering how all this is going to turn out for our beloved BTC...
This is what is expected to happen eventually. And then these ETF would have to market Buy from exchanges. By the way GBTC just sent 4000 bitcoin to coinbase for probably selling. This also might have dictated the recent dump in price.
So what happens when they just sit on it like people sitting on hold? Is this the end of extreme volatility?
Its gonna take some time to have a real effect, but eventually blackrock will have to buy several billion dollars worth of BTC
Fidelity is up to 5290.601 bitcoin!
Why do they have to spend that cash today?
So once these settle we will see the price sky rocket? Is that what we are saying?
If they HODL, we are in for a nice ride
So when bitty go up
You have half that right. Going from ~$10mm to ~$120mm *is* the ~$111m they needed to buy. There's not another $111m yet to buy. They settled day 1 trades. But moving forward, each day will hopefully force them to bring in another $100m or more.
But... when number go up?
OMG AMAZING!!! Thata why the price dropped almost 10%????? Amazing!!!!!!
Damn
Aged like milk
In shorts ***
And dip dip dip we go
Why btc not 100k yet?
Yet the price on the day is down 7-8%…..
And yet the price of bitcoin goes down, will all this activity have any affect on BTC?
If it's OTC, you won't see price movement. That's what happens when you get ETFs.
It's load up time. I'm 10x ing my dca.
Somebody is selling because the price keeps dropping. Lol
6-9 months.
They found a way to get themselves a nice price.
But is it new money or money from GBTC sales?
I think it's important to say that these institution don't buy at market like we do. They usually buy from whales so their purchases don't affect the price immediately like you would expect.
4x that now
They just added more volume.