Misses the point. Bitcoin, not the mining thereof, is decentralized. And exactly because big governments do what they do is why Bitcoin came about.
The combined holdings of all the US bitcoin spot etf's amount to over 1 Million bitcoins There's no evidence that they do not hold the actual bitcoins with their custodial partners, as far as the price action not shooting up, it's a credit to how good their AP's are able to acquire the bitcoins in the markets through futures hedging strategies with flexibility on time within a few days If the inflows keep going, there will be a supply shortage some time before eoy... and things will become awkward once all the world's bitcoin spot etf's (US, HK, Canada, Europe, Australia, Thailand) hold more than 21M bitcoins with their custodial partners (credit to someone on Twitter poster) Investors will demand to see the bitcoin addresses so they can check on the blockchain, like Bitwise has done
I'm finding it more and more strange to not see a stronger price reaction to all the ETF activity. schizo said something along the lines of you'd have to be an idiot to not realize the big players are manipulating the price. The Wall Street types surely see all the ETF interest. I'd guess they are using their bag of tricks to keep the price low while they load up.
Reading the post above that John linked, its clear they aren't buying spot on the same day. They get the price exposure by using the futures contract, but they aren't getting the coins. Its crazy to read they have days to acquire the coins based on liquidity. So if all of a sudden they can't get the coins... what then? I realize they have the futures contract to hedge any huge price moves, but this is actually a pretty shitty way to do it that I think its 100% manipulation in my books. Thomas says it provides a better price to the client, but this is coping in my opinion. It clearly means this limits price spikes, and I think spikes are what is necessary to really get people off their ass and teach them what true scarcity means. I wonder what the limits are for when those coins need to be purchased.
Bitcoin is a scam propped up by Tether fraud. When it inevitably collapses below $10K and Tether gets blown up this will be obvious to everybody. Having this said, Tether is still running. They can just print up some Tethers and prop up the market past the all time highs, squeezing out all the shorters and suckering in more ETF flows! It's the ultimate scam!
Yea, definitely looks and smells like accumulation We've been here before, at the bottom of the bear market, between 15k to 20k was the most frustrating period, every time btc went above 20k, even up to 25k, it would get slammed below 20k even all the way to 15k it happened for many months, I felt like sh*t looking at the btc price day after day, night after night Also same price action in the 30-40k and 50-60k, and now it's 60-70k For me, the only thing that seemed nefarious was when btc first broke ath and Coinbase went down and btc ended up reversing as a result It happened several times that Coinbase went down when btc price was surging but never seemed to happen when btc price was crashing even when the volume was higher Bitcoin does not have a circuit breaker, but they made one with the help of Coinbase only, and only when price was going up Nowadays, they have perfected their game but all seems legitimate and within the SEC compliance per the passage of 2-28 days settlement Blackrock, Fidelity et al are acting in the best interest of their clients, the AP's are acting in the best interest of their clients bitcoin spot etf issuers and institutional investors , whether they use tactics like dumping the futures right before market open (happens a lot) which only requires fiat capital they have unlimited supply of... seems fair The bottom line, there are btc sellers at the 70-73k level, maybe they are being scared away by the futures dumps, or they are short term traders timing the resistance level on a trading range, or whoever they may be... the sellers are helping the bitcoin spot etf's and others to accumulate... bitcoins going from weak hands to stronger hands is always a good thing for the future So what now? In my humble opinion, we wait... let the bitcoin supplies be acquired by the bitcoin spot etf's, the SMLR's and the MSTR's and the Metaplanet and the Hong Kong spot etf's and the Australian spot etf's and everyone else wanting to acquire them... When there are no more available for sale at the 70-73k level... that's when bitcoin will shoot up past 80k, 90k, 100k In my humble opinion, bitcoin will be above $100k before eoy
Don't fool yourself. Entire crypto industry is a scam! Just accept the facts and if you are a crypto holder convert all your holdings into dogecoin. Entire crypto industry is a joke, dogecoin is atleast being honest about it! Let's call spade a spade!