Holders of ETF’s own 0.00000000 Bitcoin. Paper promises!
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Lol some of them will find out the hard way and its going to be epic
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I agree. How can @02bcd3eeb0 try to compare a paper Bitcoin promise to Bitcoin in cold storage? We are not the same and every cycle people learn. I was an idiot and lost a lot of Bitcoin by staking paper Bitcoin. You’ve been warned. Not your keys not your cheese…
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Lol equally an idiot back in 17, having paper promises on an exchange that got rugged, had to learn the hard way and I see it as the cost of learning, although i'd much prefer to have that bitcoin back :)
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Ha yeah the cost of a Bitcoin education in sound money! Tuition costs suck :-)
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My point is that legal "ownership" of bitcoin is irrelevant in both cases. Courts can't reverse a bitcoin transaction even if the coins are "stolen". Having exclusive control of the keys is all that matters.
By that logic you can also say that no one owns any bitcoin, since a private key is just a number and it is not possible to "own" a number.
Seeesh, they already bought 3.75% of BTC supply and the fiat price barely moved.
Probably because they are buying from OTC markets, hopefuly that shit drys up fast... or maybe it's because Grayscale is selling a lot aswell.
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Probably both. When people say price is set at the margin what it really means is the sellers want to make a profit.
We already had a pretty big run up so far in 2024 in anticipation of the ETFs, only 33% from a new ATH. That means anyone willing to sell are already in profit.
My guess is the sellers are absorbing the buyers which is why the price hasn't rocketed upwards after ETF approval.
But remember, whoever is buying now become the future sellers. They become the next round of price at the margin.
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Grayscale already sold 200K~ BTC in just a month. Still 400K~ to go tho. That's atleast 2+ more months of selling pressure. Which means we will hover the $50K~ range for a while... That will give us more time to stack. Once Grayscale sells off everything, and OTC drys up, we might start seeing a big pumps.
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Will gbtc go to zero?
I bet it stops around 200k
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No pointing holding gbtc, fees are huge
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It's not just about fees. There's also liquidity and taxes.
Besides, there's nothing stopping GBTC from lowering their fees to remain competitive. The reason they haven't is because they're taking the bet some people will stay.
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Anyone have an enterprise Glassnode account to see this chart? https://studio.glassnode.com/metrics?a=BTC&m=transactions.TransfersFromOtcDesksCount
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I guess, in the case of Europe the question shouldn’t be when but if.
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It's when. But it could be a lot longer than elsewhere. Europe will come on board at a much higher price...eventually.
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16 sats \ 0 replies \ @go OP 25 Feb
This is what I think
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Will grayscale go to zero bitcoin?
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No, but with such high fees very few people will stay. But if it’s a taxable account they may be stuck.
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