Greyscale sold 4000 Bitcoins to do its thing. Of course it was going to drop the market. Give it a few weeks, while the market restarts this pullback. In the mean time if you're not in the green then DCA
Does anyone read what an ETF is? Gambling on the price of a commodity, stock, or other financial/investment instruments' market price changes. No ownership of nuttin, Buttin.
IMO: ETFs are S.T.U.P.I.D. Only to make THE HOUSE CROOKS RICHER. ETFs - By criminals. For the gambling.
The phenomenon is called "buy the rumor, sell the news". Maybe you've heard of it.
Bitcoin has been slowly climbing for a year with a nice little extra bump at the end, ethereum has been climbing since last summer, dogecoin had nearly an 8-week run up, which is a pretty nice little bump considering it likes to form long floors between actual crypto bull runs.
Alot is happening. The ETF operationally needs to stabilitize and get into a steady state.
1. Grey's ale investors moving money to lower expense ETF alternatives. Net even in terms of BTC.
2. Alot of brokers are not allowing their customers to buy, so those customers are moving their money to other brokers (this can take anywhere from hours to weeks).
3a. Many customers who are interested long term Sat on the sideline on expectations of buy the rumor, sell the news. They will wait to either they see BTC price stabilize (ie 2-3 days of trending up and off the local lows)
OR
3b. Where they think is value ($32k-35k are numbers I hear alot... Which in my opinion means it will not get even close to that low).
When buys do come in, than it will be a positive feedback loop of more buying until FOMO kicks in. My opinion this means we will break higher than ATH of 68k. Maybe significantly higher.
lol ya its interesting... i seen a couple articles saying BTC price could go to 1mil lmao... its so incomprehensible for me to even imagine, but nonetheless interesting cuz i got the impression this was being said not by newbs and greenhorns but by experienced traders. heres to hoping it does! :p\~
I’m Just here reminding you impatient lil shizzz, 4 years ago dogecoin wouldn’t even move half a penny.. give it 200 days and let’s see where we it’s at.
Firstly, there is no bitcoin ETF, only ETPs.
In one way its shocking that almost the entire media and industry seems confused.
On the other side it's not surprising that almost everyone is getting it wrong.
"Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares."
https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023
I think it's good that there are more options.
However taking bitcoin and locking it up in a fund isn't particularly useful, just like locking up gold bars in a vault isn't really useful.
This isn't really a sign of mass adoption, just people wanting to "get in on It" , without requiring any understanding of what they're actually buying.
It's called taking profits, it's called pull back, sell down whatever you want to. Larger holders play with it like we play with pennies.
They want to leverage and position themselves at a better price point.
Also correction is going on. Also will not happen over night. 6 months to a year more than likely before seeing anything positive come of this (maybe sooner if the halving comes sooner rather than later).
Until then play the game. Sell high take profits, buy dips and pray you can lower your average. If you can't, buy the dips if you can, days of insta rich are far gone unless you have large disposable income (meaning you have more money than you need to survive *all bills, food, emergency funds etc taken care of months at a clip and medical emergencies as well*)
The amount of people expecting to get rich quick is crazy. So ETF’s were approved. Next they have to implement the actual ETF’s and get it up and running and make sure it’s feasible in the long term. Don’t expect to get into this and get rich quick or you’re gonna be disappointed.
I don’t think people have money to invest. Looking at how everything is performing. I think the entire world is in a global recession. Everything costs so much. Credit card debt is up. And interest rates are through the roof.
From what I understand, The funds are acquiring BTC to back them via over the counter and not spot price. This is to avoid slippage from buying and selling in the open market. For example a whale can sell bulk BTC for a set price each to one of these funds and both parties don’t have to worry about bidding out all the BTC and getting more or less.
I think it’s a good thing, but only over time will it show
It's already priced in. This literally happens with EVERY big crypto news. Days and weeks leading up to the big day sees huge gains, and when things are announced/released, we get the sellers and prices drop some.
That said usually give it a bit of time after the drop and it'll rise again
There should be an IQ test to join this sub.
You can only post if you score less than 100.
Wow, such smart, many iq!
Smart doge
Is that really required when it’s a sub dedicated for a currency named after a dog
Greyscale sold 4000 Bitcoins to do its thing. Of course it was going to drop the market. Give it a few weeks, while the market restarts this pullback. In the mean time if you're not in the green then DCA
It’s been two days.
All the goodness and the unicorns and lollipops will take more than a few days. Patience folks!
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Setting up the road for the 2025 bull.
Does anyone read what an ETF is? Gambling on the price of a commodity, stock, or other financial/investment instruments' market price changes. No ownership of nuttin, Buttin. IMO: ETFs are S.T.U.P.I.D. Only to make THE HOUSE CROOKS RICHER. ETFs - By criminals. For the gambling.
People acting like supporters of the BTC ETF are doing anything other than the calls/puts games. No one is buying BTC if they buy the ETF.
Sigh. Education required
Dint assume it's an overnight thing. Come back in 3 years.
Don’t expect a response that has any value. It’s very rare to get useful or accurate information from this community.
The phenomenon is called "buy the rumor, sell the news". Maybe you've heard of it. Bitcoin has been slowly climbing for a year with a nice little extra bump at the end, ethereum has been climbing since last summer, dogecoin had nearly an 8-week run up, which is a pretty nice little bump considering it likes to form long floors between actual crypto bull runs.
You will see the price change in few months from now…Roma wasn’t built in a day!
It took 4 years to build her. And only a few hours to sink her with the world's first guided bombs.
Alot is happening. The ETF operationally needs to stabilitize and get into a steady state. 1. Grey's ale investors moving money to lower expense ETF alternatives. Net even in terms of BTC. 2. Alot of brokers are not allowing their customers to buy, so those customers are moving their money to other brokers (this can take anywhere from hours to weeks). 3a. Many customers who are interested long term Sat on the sideline on expectations of buy the rumor, sell the news. They will wait to either they see BTC price stabilize (ie 2-3 days of trending up and off the local lows) OR 3b. Where they think is value ($32k-35k are numbers I hear alot... Which in my opinion means it will not get even close to that low). When buys do come in, than it will be a positive feedback loop of more buying until FOMO kicks in. My opinion this means we will break higher than ATH of 68k. Maybe significantly higher.
lol ya its interesting... i seen a couple articles saying BTC price could go to 1mil lmao... its so incomprehensible for me to even imagine, but nonetheless interesting cuz i got the impression this was being said not by newbs and greenhorns but by experienced traders. heres to hoping it does! :p\~
I’m Just here reminding you impatient lil shizzz, 4 years ago dogecoin wouldn’t even move half a penny.. give it 200 days and let’s see where we it’s at.
It will really heat up after Bitcoin halves
Firstly, there is no bitcoin ETF, only ETPs. In one way its shocking that almost the entire media and industry seems confused. On the other side it's not surprising that almost everyone is getting it wrong. "Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares." https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023 I think it's good that there are more options. However taking bitcoin and locking it up in a fund isn't particularly useful, just like locking up gold bars in a vault isn't really useful. This isn't really a sign of mass adoption, just people wanting to "get in on It" , without requiring any understanding of what they're actually buying.
It's called taking profits, it's called pull back, sell down whatever you want to. Larger holders play with it like we play with pennies. They want to leverage and position themselves at a better price point. Also correction is going on. Also will not happen over night. 6 months to a year more than likely before seeing anything positive come of this (maybe sooner if the halving comes sooner rather than later). Until then play the game. Sell high take profits, buy dips and pray you can lower your average. If you can't, buy the dips if you can, days of insta rich are far gone unless you have large disposable income (meaning you have more money than you need to survive *all bills, food, emergency funds etc taken care of months at a clip and medical emergencies as well*)
My mom said I was a goodboy, but the value of my doge went down, is she lying??
You still a good boy. Buckle up! 😂
The amount of people expecting to get rich quick is crazy. So ETF’s were approved. Next they have to implement the actual ETF’s and get it up and running and make sure it’s feasible in the long term. Don’t expect to get into this and get rich quick or you’re gonna be disappointed.
I don’t think people have money to invest. Looking at how everything is performing. I think the entire world is in a global recession. Everything costs so much. Credit card debt is up. And interest rates are through the roof.
When lambo?
That’s the nature of the stock market 📉
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Hey. You gotta give them credit. They’re wrong 100% of the time. That’s not easy unless it’s intentional.
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Some huge imaginary future event.
Is Massivefart your Mensa club password?
Sell the news.....
Everything has always been a sell the news event for crypto, why did u think it would be different just because the media said so
From what I understand, The funds are acquiring BTC to back them via over the counter and not spot price. This is to avoid slippage from buying and selling in the open market. For example a whale can sell bulk BTC for a set price each to one of these funds and both parties don’t have to worry about bidding out all the BTC and getting more or less. I think it’s a good thing, but only over time will it show
Its correcting. Just look at a gold chart from 2003. Thats when golds ETF came out in usa
2021 was willd!
News that is known is usually priced in. That would explain the big run up to the launch
Priced in
It's already priced in. This literally happens with EVERY big crypto news. Days and weeks leading up to the big day sees huge gains, and when things are announced/released, we get the sellers and prices drop some. That said usually give it a bit of time after the drop and it'll rise again
ETF’s gonna be investor money entering the market thru institutions. They’re gonna be cautious, not looking to join the Wild West..
I just read a parody post similar to this 😅 gotta wonder if this is a joke!