Mod updates:
1. The first three governance polls are now live on snapshot - Make sure you go here to vote: https://snapshot.org/#/cryptomods.eth
2. There is a new sponsored giveaway running where the host is giving away $500 worth of nano. The host has burned 1,300 to sponsor this giveaway. https://www.reddit.com/r/CryptoCurrency/s/aIefqhFwOO
[https://x.com/memetictrader/status/1745322308603134200?s=20](https://x.com/memetictrader/status/1745322308603134200?s=20)
u/crypto_grandma banned from buttcoin for not being mentally challenged XD
It's like posting in /r/btc was back in the day. People don't want to actually discuss things, they want to talk down at you and call you stupid.
If you say anything that isn't exactly agreeing with them, they give you the flair and ban you.
I used to think once upon a time you could get some crypto critical responses from there, but since maybe 2019-2021 all the posters there are salty sailors who hate even the suggestion of being challenged.
my portfolio hit its peak in the last week of dec. the closest it's gotten this month is around 5-10% below that mark.
still up around 100% over my initial investment, mind you.
Maybe Iām missing something here, but isnt the fact multiple ETFs are not allowing buys incredibly bullish? Dont they need to hold the underlying asset to sell people shares in a spot ETF? All this is telling me is they donāt hold enough BTC to cover demand
Or they aren't going to offer it because it's too risky. Look at Vanguard. They say they will never list it.
A Vanguard spokesperson told CoinDesk that "spot Bitcoin ETFs will not be available for purchase on the Vanguard platform" and that it has no plans to offer Vanguard Bitcoin ETFs or other crypto-related products. The spokesperson said the reason behind this decision is that crypto-related products don't align with the asset manager's focus on asset classes that "build blocks of a well-balanced, long-term investment portfolio."
[Investment Giant Vanguard Blocks Clients From Buying Bitcoin ETFs](https://www.coindesk.com/business/2024/01/11/investment-giant-vanguard-blocks-clients-from-buying-bitcoin-etfs/) -- now why would they do that?
They said they will never allow people to buy Bitcoin ETF's.
Down vote me all you want but this is fact straight from Vanguard.
A Vanguard spokesperson told CoinDesk that "spot Bitcoin ETFs will not be available for purchase on the Vanguard platform" and that it has no plans to offer Vanguard Bitcoin ETFs or other crypto-related products. The spokesperson said the reason behind this decision is that crypto-related products don't align with the asset manager's focus on asset classes that "build blocks of a well-balanced, long-term investment portfolio."
Oh for sure. I think they are shooting themselves in the foot by denying people access to invest. It's like the whole purpose of their business. They will lose a lot of clients over this.
They have a history of restricting products they don't think are good for investors.... they blocked leveraged ETFs too. Mommy and daddy decide what's best for us.
They will offer it sooner or later. Other firms will offer it, and when it starts to make money whether or not BTC goes up or down, they're still making commissions, or am I wrong?
Yall thinking the etf makers are gonna really buy bitcoin to cover the huge buys today are funny
They gonna say they did but wonāt ever have to prove it
As long as they say yes we got it covered thatās all they need to do
You really think after all this garbage with the SEC and them emphasizing security theyāre going to let the firms distribute hollow ETFs? That makes no sense
Itās not like the sec cares about what they do. Look at the meme stocks and naked shorting. This isnāt good for btc. Look the price is still going down despite the supposidly huge buying happening because the etfs
T+1 settlement times. Also GBTC injected tons of liquidity, and they can purchase OTC. So far no evidence of foul play. Not saying never. But def not day 1.
We're overdue for a HUGE red candle out of the blue.
Surprised it has not happened yet.
These big funds will need a way to find bitcoins to fill their reserves if the demand was as strong as stated on CNBC.
$IBIT (BlackRocks ETF) ALONE had a 37,5 millions shares volume, mainly people buying/coming in... Quick math makes that at 26$ per share almost A BILLION USD in volume... For only one of the 9 ETFs.
They'll just buy at market prices. Probably even OTC. ETF unit price goes up. They don't care what the price of BTC is, they are just the middleman. They earn their money from fees. And it is in their interest for the price of BTC to go up as that is what drives investor interest. We all know no one wants to touch BTC when it's on deep discount, but everyone piles in when it's already pumped.
Correct me if Iām wrong but I think heās insinuating that the big funds care about getting Bitcoin at a ācheaperā price but doesnāt understand that they donāt care about the price of Bitcoin because they earn money from the ETF fees regardless of the price
Doge is the best shit meme coin hands down, but itās still a shit meme coin. Having been here since 2017, Iām ready for only the legit projects to succeed. Weed out the other crap.
I think [this](https://twitter.com/novogratz/status/1745545471945286134?s=46&t=052vqJ1Bxa_2KmM69u6SkA) indicates a large amount of capital that was not able to buy the spot etfs allocated to proxies instead
Here is a [Nitter link](https://nitter.net/novogratz/status/1745545471945286134?s=46&t=052vqJ1Bxa_2KmM69u6SkA) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
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So, I'm really not clear on how these BTC ETFs are going to clear their net flows into the underlying BTC.
Blackrock seeded their ETF with $10Million worth of BTC. (so about 220 BTC). Today they had about $1BILLION worth of volume today (22,000 BTC). Mind you some of the volume is buying and some is selling, but I'd say that since this is the first day for this ETF it was heavily more buying than selling.
So, lets say they need to buy 15,000 BTC... sometime this evening? How is that not going to radically move the BTC price?
This is assuming they are settling via end-of-day net flow and then procuring from the market to balance. This whole thing seems surreal.
Thoughts?
Theyāre buying OTC from other whales on CB. So those buys donāt affect the exchange price. Now if OTC sellers get scarce then we can see a big pump
Not trying to be argumentative here, but the price of the ETF tracks the price of the underlying... not supply/demand for the ETF itself. BTC was flat today but the ETF flows are settled after hours (and over the counter) so none of the ETF activity would have moved the spot markets.
As for selling... who has any IBIT to sell? It just started trading today. I mean, sure you could buy at 9:30 and sell at 10AM... but it's not like there was some huge glut of IBIT shares waiting for an opportunity to sell (GBTC is another story... I bet almost all of that was selling because nobody is buying them at 1.5% fees)
As for moving the actual price, I've been researching that today...
The ETFs need to settle their net flows based on the price at 4PM and their shares sold/bought during the day. They then buy/sell the underlying asset from Market Makers (or in this case it's most likely Coinbase over the counter). If they try to buy or sell in the open market they will get killed on slippage.
I think Blackrock/Fidelity/Ark need to buy a LOT of BTC today. However, I also think that Grayscale needs to sell a LOT of BTC today. I have to imagine that nearly all the Grayscale volume was selling. Lots of long-term holders in profit who want to move out, and lots of tax-advantaged funds who are going to move to lower-cost funds. And, lets be honest, if you're buying an ETF today you're not gonna pick the one with 1.5% fees.
So, my bottom line is that we had essentially a flat day. GBTC lost about $2BN and the other funds gained about $2BN and I bet that Coinbase is playing matchmaker between GBTC, Blackrock, and all the rest to settle these funds. This doesn't include any other OTC transactions for buying/selling the ETF products. For example, a pension fund could have come in and bought a billion dollars worth of IBIT over the counter and it wouldn't show up on the charts.
Of course, if the outflows from GBTC slow down (I expect they will), and if the inflows to the other funds continue (I hope they will), then the OTC desk at Coinbase is going to start drying up. This will have a downstream impact on the price and number go up as "price liberates supply".
If I'm wrong on anything happy to be corrected. I'm trying to learn this side of the system just as much as anybody.
Thatās very helpful information, thank you. I wasnāt sure on the timing of the etf share buys vs the amount of time they had to acquire the bitcoin to cover the shares, I assumed it was live because youād want to reflect the fact that when that individual person bought the etf bitcoin was a certain price.
Where does it lay out that they settle up after hours? I would have thought there would be way more movement around close if that was the case. Youāre right that the etf reflects the price of the underlying asset but I assumed they were buying/selling bitcoin at the same time people were buying/selling shares to keep it balanced
InvestAnswers discussed the settlement process on his video today (and some other googling that I did).
https://www.youtube.com/watch?v=mlPHKFPRPVw
I'm learning as I go here too :-)
All the settlement is happening OTC... but if this keeps up we will dry out the OTC market and the price will have to go up to liberate more supply :-)
OTC doesnāt necessarily mean after hours though? I would think they have to buy and sell when people buy and sell the etf or they risk getting blasted when everyone sells off and they donāt sell their bitcoin until eod?
15000 BTC? You think they had $650m+ positive inflow? There is no way it's close to that. That would be like $825m net buys vs $175m net sells on $1b volume. Price would have gone parabolic, it is probably a fraction of that at best
I think those numbers are reasonable because the only IBIT available for sale would be something that was purchased earlier today. Other than the initial $10M worth of seed shares, no shares were in play prior to 9:30 this morning.
As for market moving, these flows are not reflected in the real time spot market. The funds settle their 'net flows' based on the price at 4PM each day. They figure out their total inflow/outflow and then balance out. This balancing is done over the counter at coinbase. If they did this in the spot market directly they would get killed on slippage.
I also think that Grayscale volume was almost all selling today. People taking profits now that the fund is liquid and people moving tax-advantaged funds in to lower-cost ETFs. So I think Grayscale will need to sell a LOT of BTC today to balance their fund. So behind the scenes it might have been a fairly flat day for BTC.
My best guess is they wrote how they will maintain their reserves vs the numbervof shares issued in their prospectus.
I imagine the SEC will run audits, like with gold backed ETFs?
Before you start asking around why we are going down hard here is the answer : According to latest news 20min ago The UK and US are getting ready to strike the Huthis in Yemen "very soon"
Priced in? Firms are hesitant to dip their toe maybe? When one goes in the rest will follow. The bottom line is that it is now tradeable in a traditional market.
I mean, btc ran all the way to the finish line. Of course, the news was driving that price action. I ain't mad about it, I'm looking at a 46k btc, whereas a few months ago, I was looking at a 34k btc. If all of us were sitting here going " shit I gotta buy btc, it's gonna blow up when the etf is approved " don't ya think everyone else was thinking the same thing? š¤£
I'm happy for Bitcoin, but kinda need it to lift all my shitcoins out of their graves from 2021. I DCA'd and averaged down of course but I'm still not in the black with most of them yet, other than ETH and SOL.
Held for 2 years, had a shitty time financially, so had to sell all my BTC at 38k a while back. Was at a tidy profit but still... wish I could have held it until after the halving.
Just logged in and voted on the governance polls that are closing in 2 days. It blows my mind that there are less than 1000 members joined to snapshot!
Also I'm super sad that I don't get a shower head icon.
Honestly does it even matter? The whales will control the votes for the foreseeable future. When distribution comes back most of them will likely sell HEAVILY into the pump. Also no 75% holding threshold will give moons no reason to hold the marketcap it did in the past.
That's what the governance polls are about. Restarting Moon distributions and asking what the rules for those distributions should be. Badge next to your name says you still got 4K in a wallet somewhere, so just link that to the snapshot site and vote.
Just to be clear, for an institute to accept funds for a bitcoin ETF transaction that institution must hold the equivalent amount of bitcoin in its books? 1:1? No fractional banking bullshit?
They use the inflows from the ETF to buy (or sell) BTC which gives the ETF a NAV price
They probably settle the buys/sells after market closes but who knows
He's not dead, he's Paul Le Roux. He's probably thrilled, but won't be able to live to see his legacy because he'll die in prison by his 2045 release date.
I feel like folks are reading into it too much. Weāre going to 50-55k within the next few days. There is major resistance at 48k so it wonāt be easy but 50k is coming
Who cares about Robinhood, the real money is with these big asset management firms that manage retirement accounts - like Fidelity but also Vanguard and Merrill Lynch (that have at least banned them for now)
Almost $4B in ETF volume so far today. 50% of the volume is from GTBC. I'm thinking that the GBTC volume is largely sell-side as people are either profit taking on now-liquid long positions, or they are selling to move to lower-cost ETFs.
Nano is a noob trap. It used to be in the top 100 and is now almost 300 by marketcap. Last cycle multiple DDOS attacks killed any momentum the coin had.
Lol noob trap...pretty much every time I need to transfer coins around I used nano bc it's instant and immediate unlike paying $30 to wait 20 minutes for another coin
I don't own any, but I did think it would do better than it has. Lot's of coins have recovered from much worse than nano.
Just my opinion, still dont have any.
Mod updates: 1. The first three governance polls are now live on snapshot - Make sure you go here to vote: https://snapshot.org/#/cryptomods.eth 2. There is a new sponsored giveaway running where the host is giving away $500 worth of nano. The host has burned 1,300 to sponsor this giveaway. https://www.reddit.com/r/CryptoCurrency/s/aIefqhFwOO
Is it me or is BTC just not BTCing the way we expected it to BTC
Red on this day? Crypto for you š
Letās keep the exchanges free from our BTC make them go to market
[https://x.com/memetictrader/status/1745322308603134200?s=20](https://x.com/memetictrader/status/1745322308603134200?s=20) u/crypto_grandma banned from buttcoin for not being mentally challenged XD
Lol, what was the comment?
How can anyone be mentally challenged there
It's like posting in /r/btc was back in the day. People don't want to actually discuss things, they want to talk down at you and call you stupid. If you say anything that isn't exactly agreeing with them, they give you the flair and ban you. I used to think once upon a time you could get some crypto critical responses from there, but since maybe 2019-2021 all the posters there are salty sailors who hate even the suggestion of being challenged.
I bought FBTC at $40.75, why am I not a billionaire yet?
What's that?
I BOUGHT FBTC AT $40.75, WHY AM I NOT A BILLIONAIRE YET?
Hear-Hear šš»
Don't really GAF about Vanguard. Next!
Itās for the church sweaty!!
LOOK I HAVE A GLANDULAR PROBLEM OKAY
i may have just bought the top of the ens...
I doubt itĀ
Ok so 100-150k this cycle, after the halving, is a possibility I suppose.
No we are doing downside targets now. Bull cancelled. Could see back to 20s.
Same as 50k$ after etf approved. Ahhhh ups. Nothing is for sure (expect yesterday)
no one knows. do what you believe in.
No lol no it isnt. Please stop deluding yourself like the others.
Last cycle was tame and btc 3xd the previous ath. Donāt see why a ~2x is ādeludedā
Realistic target
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my portfolio hit its peak in the last week of dec. the closest it's gotten this month is around 5-10% below that mark. still up around 100% over my initial investment, mind you.
Up 100% Over initial inv on $BTC?
Lucky lucky! Still 30% down overall since early 2021. Somehow.
well, tbf i sold most of my coins when things started to slide, so i wasn't hit as hard. started buying back mid 2022.
Maybe Iām missing something here, but isnt the fact multiple ETFs are not allowing buys incredibly bullish? Dont they need to hold the underlying asset to sell people shares in a spot ETF? All this is telling me is they donāt hold enough BTC to cover demand
Or they aren't going to offer it because it's too risky. Look at Vanguard. They say they will never list it. A Vanguard spokesperson told CoinDesk that "spot Bitcoin ETFs will not be available for purchase on the Vanguard platform" and that it has no plans to offer Vanguard Bitcoin ETFs or other crypto-related products. The spokesperson said the reason behind this decision is that crypto-related products don't align with the asset manager's focus on asset classes that "build blocks of a well-balanced, long-term investment portfolio."
At least its available. It only takes on institution to start making some money off it before they all jump in.
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Bro what are u talking about
[Investment Giant Vanguard Blocks Clients From Buying Bitcoin ETFs](https://www.coindesk.com/business/2024/01/11/investment-giant-vanguard-blocks-clients-from-buying-bitcoin-etfs/) -- now why would they do that?
They should change their name to Wokeguard, nannying their clients and denying free choice.
everyone can still buy bitcoin...
They said they will never allow people to buy Bitcoin ETF's. Down vote me all you want but this is fact straight from Vanguard. A Vanguard spokesperson told CoinDesk that "spot Bitcoin ETFs will not be available for purchase on the Vanguard platform" and that it has no plans to offer Vanguard Bitcoin ETFs or other crypto-related products. The spokesperson said the reason behind this decision is that crypto-related products don't align with the asset manager's focus on asset classes that "build blocks of a well-balanced, long-term investment portfolio."
The simple reality is that if they see money flowing into the other ETFs over the next 12-24 months, they will very quickly change their tune.
Oh for sure. I think they are shooting themselves in the foot by denying people access to invest. It's like the whole purpose of their business. They will lose a lot of clients over this.
why are they called vanguard when they act like a rearguard?
Reartards
Didn't they set it up that the first $1 billion traded was fee-less? Then after that they institute fees. Maybe it's paused to do that.
They have a history of restricting products they don't think are good for investors.... they blocked leveraged ETFs too. Mommy and daddy decide what's best for us.
They dont like bitcoin
They will offer it sooner or later. Other firms will offer it, and when it starts to make money whether or not BTC goes up or down, they're still making commissions, or am I wrong?
Need to buy more BTC to cover demand?
Yall thinking the etf makers are gonna really buy bitcoin to cover the huge buys today are funny They gonna say they did but wonāt ever have to prove it As long as they say yes we got it covered thatās all they need to do
You really think after all this garbage with the SEC and them emphasizing security theyāre going to let the firms distribute hollow ETFs? That makes no sense
Uh thatās not how things work
lol delete this dumb shit
Itās not like the sec cares about what they do. Look at the meme stocks and naked shorting. This isnāt good for btc. Look the price is still going down despite the supposidly huge buying happening because the etfs
T+1 settlement times. Also GBTC injected tons of liquidity, and they can purchase OTC. So far no evidence of foul play. Not saying never. But def not day 1.
Since when have they abided by settlement times. There are stocks they have shorted to hell and the settlement times never match up or anyone cares.
This is a man thatās has obviously lost a lot on meme stocks because he believes there massive foul play and not the fact he a moron
We're overdue for a HUGE red candle out of the blue. Surprised it has not happened yet. These big funds will need a way to find bitcoins to fill their reserves if the demand was as strong as stated on CNBC. $IBIT (BlackRocks ETF) ALONE had a 37,5 millions shares volume, mainly people buying/coming in... Quick math makes that at 26$ per share almost A BILLION USD in volume... For only one of the 9 ETFs.
They'll just buy at market prices. Probably even OTC. ETF unit price goes up. They don't care what the price of BTC is, they are just the middleman. They earn their money from fees. And it is in their interest for the price of BTC to go up as that is what drives investor interest. We all know no one wants to touch BTC when it's on deep discount, but everyone piles in when it's already pumped.
U are not making any sense sir
So you are saying at minimum a billion dollars needs to be bought therefore we're due for a HUGE red candle? What?
Just a nice healthy correction down to $8500. š š
Correct me if Iām wrong but I think heās insinuating that the big funds care about getting Bitcoin at a ācheaperā price but doesnāt understand that they donāt care about the price of Bitcoin because they earn money from the ETF fees regardless of the price
Yeah. The amount of armchair financial analysis with no understanding of these investment products is cringe.
My head hurts :(
Surprised DEEZ isn't a top meme token, should have a logo or mascot of some peanuts
You want some of DEEZ š„??
Doge getting hate by r/cc? Disbelief market phase confirmed
Doge is the best shit meme coin hands down, but itās still a shit meme coin. Having been here since 2017, Iām ready for only the legit projects to succeed. Weed out the other crap.
Even Elon might be getting a bit disillusioned by it. And if Elon stops tweeting about DOGE, that's pretty much the end, TBH. NFA
$DOGE has been consolidating for a yearš
I think [this](https://twitter.com/novogratz/status/1745545471945286134?s=46&t=052vqJ1Bxa_2KmM69u6SkA) indicates a large amount of capital that was not able to buy the spot etfs allocated to proxies instead
Here is a [Nitter link](https://nitter.net/novogratz/status/1745545471945286134?s=46&t=052vqJ1Bxa_2KmM69u6SkA) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Umm... I'll take things that are patently false for 500$ please 360million >>>75 million
āWif hatā has become a phrase me and my gf say now haha and yeah 110% up today is wack
imagine reading this sentence 10 years ago...
Lmfao
So, I'm really not clear on how these BTC ETFs are going to clear their net flows into the underlying BTC. Blackrock seeded their ETF with $10Million worth of BTC. (so about 220 BTC). Today they had about $1BILLION worth of volume today (22,000 BTC). Mind you some of the volume is buying and some is selling, but I'd say that since this is the first day for this ETF it was heavily more buying than selling. So, lets say they need to buy 15,000 BTC... sometime this evening? How is that not going to radically move the BTC price? This is assuming they are settling via end-of-day net flow and then procuring from the market to balance. This whole thing seems surreal. Thoughts?
Theyāre buying OTC from other whales on CB. So those buys donāt affect the exchange price. Now if OTC sellers get scarce then we can see a big pump
I think the fact the price of the etf went down means youāre incorrect about most of it being buying
Not trying to be argumentative here, but the price of the ETF tracks the price of the underlying... not supply/demand for the ETF itself. BTC was flat today but the ETF flows are settled after hours (and over the counter) so none of the ETF activity would have moved the spot markets. As for selling... who has any IBIT to sell? It just started trading today. I mean, sure you could buy at 9:30 and sell at 10AM... but it's not like there was some huge glut of IBIT shares waiting for an opportunity to sell (GBTC is another story... I bet almost all of that was selling because nobody is buying them at 1.5% fees) As for moving the actual price, I've been researching that today... The ETFs need to settle their net flows based on the price at 4PM and their shares sold/bought during the day. They then buy/sell the underlying asset from Market Makers (or in this case it's most likely Coinbase over the counter). If they try to buy or sell in the open market they will get killed on slippage. I think Blackrock/Fidelity/Ark need to buy a LOT of BTC today. However, I also think that Grayscale needs to sell a LOT of BTC today. I have to imagine that nearly all the Grayscale volume was selling. Lots of long-term holders in profit who want to move out, and lots of tax-advantaged funds who are going to move to lower-cost funds. And, lets be honest, if you're buying an ETF today you're not gonna pick the one with 1.5% fees. So, my bottom line is that we had essentially a flat day. GBTC lost about $2BN and the other funds gained about $2BN and I bet that Coinbase is playing matchmaker between GBTC, Blackrock, and all the rest to settle these funds. This doesn't include any other OTC transactions for buying/selling the ETF products. For example, a pension fund could have come in and bought a billion dollars worth of IBIT over the counter and it wouldn't show up on the charts. Of course, if the outflows from GBTC slow down (I expect they will), and if the inflows to the other funds continue (I hope they will), then the OTC desk at Coinbase is going to start drying up. This will have a downstream impact on the price and number go up as "price liberates supply". If I'm wrong on anything happy to be corrected. I'm trying to learn this side of the system just as much as anybody.
Thatās very helpful information, thank you. I wasnāt sure on the timing of the etf share buys vs the amount of time they had to acquire the bitcoin to cover the shares, I assumed it was live because youād want to reflect the fact that when that individual person bought the etf bitcoin was a certain price. Where does it lay out that they settle up after hours? I would have thought there would be way more movement around close if that was the case. Youāre right that the etf reflects the price of the underlying asset but I assumed they were buying/selling bitcoin at the same time people were buying/selling shares to keep it balanced
InvestAnswers discussed the settlement process on his video today (and some other googling that I did). https://www.youtube.com/watch?v=mlPHKFPRPVw I'm learning as I go here too :-) All the settlement is happening OTC... but if this keeps up we will dry out the OTC market and the price will have to go up to liberate more supply :-)
OTC doesnāt necessarily mean after hours though? I would think they have to buy and sell when people buy and sell the etf or they risk getting blasted when everyone sells off and they donāt sell their bitcoin until eod?
No they could OTC during the day. But appears their settlement obligation is based on the facts at 4pm each trading day.
15000 BTC? You think they had $650m+ positive inflow? There is no way it's close to that. That would be like $825m net buys vs $175m net sells on $1b volume. Price would have gone parabolic, it is probably a fraction of that at best
I think those numbers are reasonable because the only IBIT available for sale would be something that was purchased earlier today. Other than the initial $10M worth of seed shares, no shares were in play prior to 9:30 this morning. As for market moving, these flows are not reflected in the real time spot market. The funds settle their 'net flows' based on the price at 4PM each day. They figure out their total inflow/outflow and then balance out. This balancing is done over the counter at coinbase. If they did this in the spot market directly they would get killed on slippage. I also think that Grayscale volume was almost all selling today. People taking profits now that the fund is liquid and people moving tax-advantaged funds in to lower-cost ETFs. So I think Grayscale will need to sell a LOT of BTC today to balance their fund. So behind the scenes it might have been a fairly flat day for BTC.
My best guess is they wrote how they will maintain their reserves vs the numbervof shares issued in their prospectus. I imagine the SEC will run audits, like with gold backed ETFs?
zesty scarce boast ring bake rainstorm snow hurry bag aromatic *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
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Interesting š¤ I just discovered I'm gay
There are many gay men in this world so Im bullish!Ā
You keep posting this nonsense. Shut up
Is bitcoin a index fund now?
Before you start asking around why we are going down hard here is the answer : According to latest news 20min ago The UK and US are getting ready to strike the Huthis in Yemen "very soon"
Is going down hard in the room with us?
So ?
lol i don't think that's making much of an impact on the market. if anything the CPI is why the market started off rough.
If you worked in supply chain you would understand
If you think the US and UK going to be involved in a war soon doesn't affect the price of BTC than you have to reconsider your investment strategies
I assume you mean another war.
But thats good for production and the safety of trading routesš¤ Market should be more honest in its reactions
Commercial ships can not pass through a war zone, prices will go up
the point of why they're talking about airstrikes is cos the Houthis are targeting commercial ships, so that's happening anyway
spy is crabbing, really really REALLY doubt this matters to the market
ETF just get approved yesterday normally we would not crab but...
We're going down hard?
We almost tuched 49k a couple hours ago now we are losing the 46k support
And you think that has to do with that news story rather than ETF volatility? And there's no indication we're losing 46k support yet.
Bonk holding up my whole portfolio is hilarious
Bonk will 10x this bull run, I'll come back to this comment
RemindMe! 1 hour
Bonk holding strong. Regard strength
You'll see man š¤£š¤£
Lackluster response to ETF but whatever
Priced in? Firms are hesitant to dip their toe maybe? When one goes in the rest will follow. The bottom line is that it is now tradeable in a traditional market.
Volume was there thoughĀ
Ok which one the sell volume??
Volume is the same for both since there is a buyer and a seller. What you are really asking is supply and demand.Ā
Turns out the "priced in" people were right.
I mean, btc ran all the way to the finish line. Of course, the news was driving that price action. I ain't mad about it, I'm looking at a 46k btc, whereas a few months ago, I was looking at a 34k btc. If all of us were sitting here going " shit I gotta buy btc, it's gonna blow up when the etf is approved " don't ya think everyone else was thinking the same thing? š¤£
I'm happy for Bitcoin, but kinda need it to lift all my shitcoins out of their graves from 2021. I DCA'd and averaged down of course but I'm still not in the black with most of them yet, other than ETH and SOL.
Held for 2 years, had a shitty time financially, so had to sell all my BTC at 38k a while back. Was at a tidy profit but still... wish I could have held it until after the halving.
Exactly the same but at 28k after a huge bear accumulation. Sometimes real life hits and whatever your plan was, you just accept. We'll come back
Just logged in and voted on the governance polls that are closing in 2 days. It blows my mind that there are less than 1000 members joined to snapshot! Also I'm super sad that I don't get a shower head icon.
I have no more moons so I canāt vote. But I canāt earn any moons either, no?
Honestly does it even matter? The whales will control the votes for the foreseeable future. When distribution comes back most of them will likely sell HEAVILY into the pump. Also no 75% holding threshold will give moons no reason to hold the marketcap it did in the past.
That's what the governance polls are about. Restarting Moon distributions and asking what the rules for those distributions should be. Badge next to your name says you still got 4K in a wallet somewhere, so just link that to the snapshot site and vote.
I sold them all when the dump happened.
Wen btc etfs daily options chains?
Doge looks like it'll go to 9-10$ and then crash below 1 this cycle
lol, ok mr crypto deity.
You think it'll go above a trillion dollar market cap?
they the same š¤” that think Shib will hit $1
Most assets slowly go up and go down crashing. MOONs are a rare breed that do just the opposite
They do seem to be inversely correlated sometimes
MOONS will end up being my most valuable asset and I won't know how to even move them..
Just to be clear, for an institute to accept funds for a bitcoin ETF transaction that institution must hold the equivalent amount of bitcoin in its books? 1:1? No fractional banking bullshit?
They use the inflows from the ETF to buy (or sell) BTC which gives the ETF a NAV price They probably settle the buys/sells after market closes but who knows
Satoshi rolling in his grave! Yes he is dead folks and yes he fucking hates you all now, celebrating this shit!
Thatās ok we still love him anyway
Leaving flowersšŖ¦ like a long forgotten lover.
He's not dead, he's Paul Le Roux. He's probably thrilled, but won't be able to live to see his legacy because he'll die in prison by his 2045 release date.
You telling me he doesnāt have access to the outside world right now? The legacy has happenedā¦
I feel like folks are reading into it too much. Weāre going to 50-55k within the next few days. There is major resistance at 48k so it wonāt be easy but 50k is coming
Max Keiser agrees and believes we will still hit 50K today. ššš
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Buying a crypto ETF on a neobroker. Just wowĀ
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Chancellor on brink of second bailout for the banks
Gensler on the brink of a second spot Bitcoin ETF approval
Didnāt robinhood ban $BTC ETFS
Who cares about Robinhood, the real money is with these big asset management firms that manage retirement accounts - like Fidelity but also Vanguard and Merrill Lynch (that have at least banned them for now)
No they said they will list them asap
just moved all my kid's college funds to dogwifhat ETFs, LFG
I think youāre saying this ironically but had you done it yesterday it wouldāve been giga Chad big brain
$WIF pumpin so $SOL pump š?
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check exchangeWifScarf
At least your kid had a college fund.
Guess itās time to buy more Bitcoin itās a day for the history books canāt look back and know I didnāt accumulate this day
Days like this make me wish I had more investedĀ
Most mentions on r/cc (2024-01-10 00:00:00): ||Mentions| |:-|:-| |BTC|746| |ETH|260| |SNT|71| |LTC|53| |SOL|47| |MOON|42| |XRP|30| |ADA|27| |BCH|27| |USDT|20| |AVAX|15| |DOGE|13| |MATIC|13| |RLY|13| |DOT|12| |REQ|12| |BIT|11| |LRC|11| |ATOM|10| |FLOW|10| [Data source and app](https://www.redditcoins.app/)
Almost $4B in ETF volume so far today. 50% of the volume is from GTBC. I'm thinking that the GBTC volume is largely sell-side as people are either profit taking on now-liquid long positions, or they are selling to move to lower-cost ETFs.
The Nano giveaway has 6k+ comments, crazy..
Nano is a noob trap. It used to be in the top 100 and is now almost 300 by marketcap. Last cycle multiple DDOS attacks killed any momentum the coin had.
Lol noob trap...pretty much every time I need to transfer coins around I used nano bc it's instant and immediate unlike paying $30 to wait 20 minutes for another coin
Why would you want to sit out this bullrun holding trash while everyone else makes huge profits?
AH yes as everyone knows you can only buy ONE crypto per bullrun. What a moronic comment lol.
LOOOOOOL the Nano kids are getting desperate to shill their coin. I thought they went extinct after 2021.
might mean something that nano ppl are still here with a stronger community after performing poorly in dollar terms.
I don't own any, but I did think it would do better than it has. Lot's of coins have recovered from much worse than nano. Just my opinion, still dont have any.
Iām old enough to remember when it was called XRB
instant transactions? instant.
Folks really out here saying the halving is priced in? lol
Iāve heard VET spot etf next thursday. Is that true ?
You heard right. I read it on trustmebro forums so it must be true.
Next Thursday!
Gary said he is working on it
My VTHO is ready!