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Shouldn't they be buying up tons of Bitcoin at $93k if they can "sell" it at $270?

Either that's not quite right or they're very very stupid.

I think they are? that's the financial engineering they're engaged in, no

(just limits to arbitrage etc kicking in)

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Is it just literally the time required to make the required financial moves?

The assertion is that a 3x is just sitting around staring everyone in their stupid faces, while we fail to capitalize on it.

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Yes.

Again, plenty of trapped capital in fiatland and limits to redemption and shorting. Makes some semblance od sense to me

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Ok, it makes some sense to me too.

What does this do for your bearish thoughts on bitcoin price?

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Not sure yet... It's things like these that make me wonder why on earth the price isn't 500k or something

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Maybe it's as simple as not enough capital being controlled by people who are comfortable holding their own keys.

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All these just seem like levered long Bitcoin ETFs. I don't see how this ends well

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True. Very scary

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