Inflows were used for OTC trades which do not affect the price, the OTC supplies will run out soon™ Gbtc funds will clear in T+1 +2 +3 and imo will re-buy other bitcoin ETF's adding to inflows, so things could stabilize as early as end of next week. Monday is a holiday, though Scaramucci thinks 6-8 days
OTC desks (Coinbase has a big operation for their institutional clients, the fees are tiny, it's part of their earnings report) are both bid and ask and miners do sell otc but miners are not always selling, they are not the best traders, usually hoarding during bull market and selling during bear market, many were on the brink of bankruptcy this past bear market cycle, good example is MARA down over 90% on the stock market from $52 Oct/2021 to $3.42 Dec/2022, now doing well at the start of this bull market . Also newly minted bitcoins used to carry a premium and may still do, no tainted history such as darknet, or hackers ransomware, etc OTC trades big chunk of bitcoins for sale sell for a premium, otherwise, they'll just trade it on the open market bitcoin (OG) whales are solicited by the OTC desks for supplies, so I heard/read
It chopped all day, but looks like it wants to go higher now. Does any non-chartist out there wanna take a stab on where the next TP will be?
Explains the drop in volume I couldnt understand too.Large players moving to OTC. Will be interesting to see if the drop spooks the ETF investors or entices them.For me,I know I'd rather be jumping in after 5 or 10% drop.See how it plays out,could help the cause.
$50k for sure, then $60k I doubt it. These new buyers are long term investors (i.e. HNW allocation, retirement accounts, managed accounts by RIA's) Blackrock Ibit vs Fidelity Fbtc vs others is something to keep an eye on I do not see Blackrock slowing down at all, the race is to be the number 1 ETF with the biggest AUM, the survival of the product depends on it I can see Blackrock sales people are probably very active on the golf courses, VIP resorts, country clubs this long weekend pitching this new asset and an allocation is highly recommended $10 Trillion Blackrock behemoth and with a measly $500M in the first 2 days of a new asset class etf, the best performing asset in the history of mankind Nope, this is literally a drop in bucket, the floodgates are being released. The sales and marketing department will have plenty of rest later