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107 sats \ 6 replies \ @JuanMiguel 24 Feb \ on: US ETFs have 3.75% of BTC supply. charts_and_numbers
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.
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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