>>60586911
>Seems a lot of people are selling
Institutional buyers are definitely acquiring huge quantities of bitcoin, the ETFs, companies, and public reserves are bound by all sorts of disclosure laws which mean that they’re definitely being truthful about their accumulation. The buying isn’t happening on the open market, so big long term holders have to be selling it to them OTC. No idea whether that’s old whales, miners, or maybe law enforcement and countries who don’t want to hold, but maybe the availability of all the exit liquidity for off-book trades is making for an attractive opportunity to sell large volumes without tanking the price.
There’s definitely some sort of fuckery going on beneath the surface, concealing all the actually important action. If the process continues then the availability of coin for off-book trades ought to eventually dry up, and the likes of Blackrock, who are legally obliged to match inflows to their ETF, will be forced to place enormous buy orders on the open market. If that happens then the price may suddenly go through the roof, but it’s a big if. On the flip side, if prices drop and a load of retail pull their money out of the ETFs then there might suddenly be loads of Bitcoin flooding into the market.
