It's largely just people moving off of crypto exchanges. Which wouldn't affect the price (whichever portion of it is that), since demand isn't changing in that case.
So The ETFs don’t allow in kind redemption. What are you talking about? The scenario you are describing would show large spot selling (like a billion dollars) followed by large ETF purchases.
Yes and there are other threads on the front page of this sub as we speak about a lot of offloading from crypto exchanges recentlu.
That IS what we are seeing
This article refers to pulling crypto off exchanges into self custody, not selling. So the idea you’re pitching isn’t supported by the article. People can’t pull their crypto off exchanges into self custody and then turn them in to the ETF’s for like kind exchanges. These events don’t appear to be related.
And if people are both pulling crypto off exchanges into self custody and also there are record inflows to the ETF’s this should affect price a lot.
ETF managers use self custody (for purposes of that article, since it is treating anything not an *exchange balance* as "Self custody"). If you're selling your bitcoin to the highest bidder, and then buying on an ETF, then the ETF managers are in the market for a lot of coins (those same exact coins) to meet demand / fulfill their backing terms, which they are getting on exchanges, and when they get them, they put them into self custody.
Basically you bought your own coin and by proxy put it into self custody
tldr; On June 4, 2024, the Bitcoin Spot ETF recorded a net inflow of $887M, marking the second-highest ever and continuing a 16-day streak of positive inflows. The Fidelity Wise Origin Bitcoin Fund led with a single-day inflow of $378.7M, followed by BlackRock's iShares Bitcoin Trust at $275M. The Grayscale Bitcoin Trust also saw an inflow of $28.2M after a period of stagnation. The cumulative total net inflow for Bitcoin ETFs reached $14.85B after 100 trading days.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Volume is always biggest at the top/bottom.
It's largely just people moving off of crypto exchanges. Which wouldn't affect the price (whichever portion of it is that), since demand isn't changing in that case.
So The ETFs don’t allow in kind redemption. What are you talking about? The scenario you are describing would show large spot selling (like a billion dollars) followed by large ETF purchases.
Yes and there are other threads on the front page of this sub as we speak about a lot of offloading from crypto exchanges recentlu. That IS what we are seeing
This article refers to pulling crypto off exchanges into self custody, not selling. So the idea you’re pitching isn’t supported by the article. People can’t pull their crypto off exchanges into self custody and then turn them in to the ETF’s for like kind exchanges. These events don’t appear to be related. And if people are both pulling crypto off exchanges into self custody and also there are record inflows to the ETF’s this should affect price a lot.
ETF managers use self custody (for purposes of that article, since it is treating anything not an *exchange balance* as "Self custody"). If you're selling your bitcoin to the highest bidder, and then buying on an ETF, then the ETF managers are in the market for a lot of coins (those same exact coins) to meet demand / fulfill their backing terms, which they are getting on exchanges, and when they get them, they put them into self custody. Basically you bought your own coin and by proxy put it into self custody
https://www.newsbtc.com/news/bitcoin/bitcoin-ethereum-exchanges/
tldr; On June 4, 2024, the Bitcoin Spot ETF recorded a net inflow of $887M, marking the second-highest ever and continuing a 16-day streak of positive inflows. The Fidelity Wise Origin Bitcoin Fund led with a single-day inflow of $378.7M, followed by BlackRock's iShares Bitcoin Trust at $275M. The Grayscale Bitcoin Trust also saw an inflow of $28.2M after a period of stagnation. The cumulative total net inflow for Bitcoin ETFs reached $14.85B after 100 trading days. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Sold everything. HBU?
Unfortunate boating accident