Blackrock Already Holds 180,000+ BTC \ stacker news ~charts_and

1347 sats \ 33 comments \ @kr 6 Mar charts_and_numbers

https://pbs.twimg.com/media/GH_pXcwbUAAioRf?format=jpg&name=medium

This week they’ll likely surpass MicroStrategy’s total BTC holdings.

What’s wild is that this chart seems to be accelerating rather than tapering off.

318 sats \ 5 replies \ @Undisciplined 6 Mar

I would wager that most people who have the option to buy a bitcoin ETF through their retirement account don't even know they have that option yet. Three months is a very short time period.

26 sats \ 0 replies \ @grayruby 6 Mar

I think a lot of the advisor platforms aren't even unlocked yet. They have 60-90 day windows. I read a couple of them were moving up their timelines so maybe that is some of the surge we have seen recently.

26 sats \ 3 replies \ @kr OP 6 Mar

agreed, ETF holdings will continue to rise. not sure if it will continue to be this fast though.

154 sats \ 2 replies \ @Undisciplined 6 Mar

I'll hazard a guess that we'll see an S-curve adoption pattern. So, it might continue accelerating for a bit, hit an inflection point, and taper off.

I also think if/when the US hits a severe downturn we'll see a rapid dump.

26 sats \ 1 reply \ @jeff 6 Mar

Grayscale investors also has to finish dumping. Are they done?

0 sats \ 0 replies \ @Undisciplined 6 Mar

No idea. I don't track this stuff very closely.

148 sats \ 2 replies \ @ch0k1 6 Mar

Do you think they will continue to buy Bitcoin on this pace?

10 sats \ 0 replies \ @kepford 6 Mar

The question is will their customers buy their ETF. Its hard to say. I really think a large number of ETF buyers will have very weak hands. It seems like a lesson everyone has to learn but now that this in the in the tradfi world I suspect many won't learn and the cycle will repeat.

0 sats \ 0 replies \ @kr OP 6 Mar freebie

at some point they’ll run into the scarcity limits of 21 million (minus the many million coins that people hold).

i wouldn’t count on this pace holding up for much longer, but even a fraction of this pace is a lot.

i could see them getting 1-2 million coins at some point.

79 sats \ 2 replies \ @grayruby 6 Mar

Are traders and "crypto" people going to have any bitcoin left after this cycle? Or are they going to sell it all to bitcoiners and institutions?

I guess some of the etf buyers could be in the trader/crypto camp but they likely sell out of the etfs to chase the next thing.

50 sats \ 1 reply \ @kr OP 6 Mar

good question. i do think it will be harder for those who own ETF shares to chase the next big thing simply because there are no other coins with approved ETFs.

that could change this year though.

0 sats \ 0 replies \ @grayruby 6 Mar

True but they can chase the next big AI stock or biotech stock if Bitcoin goes up a ton and they think it's time to take profits.

79 sats \ 0 replies \ @BlokchainB 6 Mar

What goes up can also come down. Be mindful of this

30 sats \ 0 replies \ @0xbitcoiner 6 Mar

https://imgprxy.stacker.news/Zhulv9AyNb5pcgCxVulTc8s-cSSwi8QzH74gxe14k0s/rs:fit:1280:720/aHR0cHM6Ly9pLnBvc3RpbWcuY2MvQ3hZZlZNeVIvZGFydGgtaW1wcmVzc2l2ZS5naWY

23 sats \ 1 reply \ @guts 6 Mar

Yay?

0 sats \ 0 replies \ @kr OP 6 Mar

😅

10 sats \ 5 replies \ @gmd 6 Mar

Why are people giving money to evil empire Blackrock when you can put money in HODL and BRRR???

99 sats \ 2 replies \ @KLT 6 Mar

I know some folks have a retirement account already that’s allocated to the ole S&P 500 and if they have to have a 401k or IRA, might as well redirect some of that money to the Bitcoin etf.

0 sats \ 1 reply \ @gmd 6 Mar

yeah but might as well pick the ETF with the coolest ticker name :)

99 sats \ 0 replies \ @ZezzebbulTheMysterious 7 Mar

The answer is fees. Formally, they call this the expense ratio. This is the amount that the ETF shaves off the top every year to pay for managing these funds.

However -- unlike gold, storing bitcoin offline costs nothing really. Keys are relatively small and sufficient entropy from 24 words will last a long time.

The professional custody services used by the ETFs -- Coinbase Custody and Gemini Custody, do however, charge fees. This is in return charged to consumers + management fees of the ETF.

One of the biggest problems with GBTC was the expense ratio of 1.5% -- 1.5% of your coin went to Barry. With Larry only charging 0.15%, you can see why people told Barry to sell their coins so they could go give them to Larry.

Over a long time scale, the fees will eat into your principal. Bitcoin has no dividend, so your principal (denominated in sats) will decrease, but you wont notice because the market reports the price denominated in $usd.

You are best to go with the ETF that has the lowest fees, if this is where you wish to store capital. Look for the one with the lowest fees.

Today this is BITB with the lowest expense ratio.

99 sats \ 1 reply \ @_stacktoshi 6 Mar

or BITB and FBTC

100 sats \ 0 replies \ @KLT 7 Mar

I like FBTC since they custody their own stack

0 sats \ 0 replies \ @gunson 7 Mar

The acceleration should look even more dramatic if you denominate this chart in purchasing power held. As the price goes up they'll be able to accumulate less BTC, as was designed. Praise be Satoshi 🙇

0 sats \ 2 replies \ @DiedOnTitan 7 Mar

It's very concerning. I had a conversation with a relative who has some Bitcoin in a custodial wallet (blockchain.com) and that they were planning to sell it and buy the ETF. Of course I laid out the NYKNYC thesis and urged them to move it to cold storage...but I was not getting through to them. Because the fiat mindset is so very deeply entrenched. If this is happening with one of my relatives who I only partially orange-pilled in the first place, it's likely that, outside of Grayscale liquidations, a big chunk of this acceleration stems from plebs who just want easy over sovereignty. And Blackrock is right there ready to tokenize their small piece of the hardest money ever created...pathetic.

9 sats \ 1 reply \ @gunson 7 Mar

To be fair, I'd rather have the ETF than hold my Bitcoin on blockchain.com 😅

0 sats \ 0 replies \ @DiedOnTitan 7 Mar

Not going to disagree with you on this one...

0 sats \ 0 replies \ @SatsMate 7 Mar

Doesn't it terrify anyone that they are getting their hands on this much coin? I know this doesn't give them any more control over the network - but remember who these people are.

0 sats \ 0 replies \ @BitcoinIsTheFuture 7 Mar

And they hold the keys and coins in Coinbase, not the holders. I’ll keep mine on cold storage and glad I front ran Wallstreet before the Bitcoin IPO!

0 sats \ 0 replies \ @oraltosun 6 Mar

These acquisitions make me think. Money or wealth should be distributed equally among people.

0 sats \ 0 replies \ @030e0dca83 6 Mar

They buy scarce Bitcoin with our money

0 sats \ 0 replies \ @SaToSHiWoMaN 6 Mar outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.

256 sats \ 1 reply \ @davidw 6 Mar freebie

deleted by author

0 sats \ 0 replies \ @grayruby 6 Mar

Yes and charge you a fee from them to buy, sell, custody it for you. I hate to break it to the eth people though, it's probably happening but not on Ethereum. Tradfi will use a centralized database connected to DTCC.