Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving)

blockchaintd.com/posts/grayscale-added-19-879-btc-to-its-bitcoin-trust

>Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving).

>That's almost 400,000 BTC under management for $GBTC

Attached: 4bed69f05d399.jpg (500x282, 26.13K)

numbers up or down?

Why do we even care for this regulated boomer bullshit?

Are they selling virtual "paper" bitcoin and pretend this is real bitcoins?

because within a year they will have more btc than satoshi (the real one not the aussie faglord larp)

They acquire the underlying asset to back the paper. You should care. If they've bought more than all of the BTC mined since the halving and have locked it instead of swing trading, they are the primary source of fiat for exchanges and miners. They aren't just conjuring Tether and fagging around. They're actually buying the fucking BTC.

There will be a threshold of BTC that they buy where, once they are compelled to sell their BTC to normalize their share price against a crashing stock price, they will sell for cash instead of tether and crater the crypto market. This is a huge vulnerability because Grayscale isn't in on it and has some fiduciary duty to its boomers.

in your opinion, when is the threshold reached?

and? they will sell it eventually

wouldn't the etf value be a lagging indicator of sorts? so, it wouldn't go down until bitcoin has already crashed on the exchanges?

Its just like GLD, people shit on it and call it "paper," even though they have the fucking gold in a vault (Yeah, it won't be worth anything in the zombie apocalypse we get that). Except with GBTC you can actually verify it yourself. Because Bitcoin.

So miners dumping bags to latecoming retard boomers? Seems bearish as fuck desu

those latecoming boomers are legion tho
you have no idea about the sheer mass of humans who can never own a single btc in their life ever

Stop pretending like you know anything. They can’t just sell the BTC in the trust whenever they please. It is not their BTC to sell, people give them money/BTC in exchange for shares of GBTC. There is no redemption program and there never will be according to them. Those BTC will be locked up forever if there is no redemption and they only can sell 2% a year as stipulated in their MMP. I’ve bought shares from Grayscale and arbitraged them. I know exactly what I am talking about and have read the trust specifications in full.

The share price is not normalize by the buying/selling of BTC. You don’t know shit.

there are say 2100 $ billionaires on earth and 46 million $ millionaires.
say every billionaire can get 1000 btc and every millionaire can get 0.4 btc assuming all 21 million will be liquid. but if like 60% of btc will not be up for grabs because it will be tied up in lightning and etfs and about (estimated) 30% lost then millionaires can only get like 0.15 btc each.

that's harsh.

BLA BLA BLA BLA BLA SUCK A DICK NIGGA!!

I just saw the future and I am now a bitcoin maximalist
>t. bitcoin maximalist

>whoa me too
> t. bitcoin maxi too

>Oh no the jews and boomers will control bitcoin, by buying all bitcoin!

Lmao the MT.Gox boomer had like 300k Bitcoin and bitcoins price barely moved after it was sold. Also who the fuck is using bitcoin anyways whenre there is ethereum? Also why would they sell now when its nearly at the bottom?

Kys Zig Forums trip poster. What a faggy, pathetic thing to be

faggier is getting this mad about it

so is this bearish or bullish? you sound like you know what youre talking about

They are buying OTC right? So the market hasn’t accounted for that amount of supply being removed correct?

so why do people buy GBTC in the first place? seems like a ripoff to me.

cool so we know someone is gonna dump really heavy once it hits 100k

People shit on it because it's like storing your assets on an exchange
You don't know what is going on behind the scenes and non cuckholds would prefer to trust themselves over big daddy govt

you're confusing the market with exchanges. these were bought OTC, which does not impact the order books of any exchange, but is by definition reflected in the supply/demand dynamics of the overall market

Fair points. I don’t think the exchange markets have been impacted yet due to miners who have quit selling their supply.

This. I have no idea why BTC is still a thing. I know, so much institutional money tied up in it, but it's useless compared to the second and now third generation blockchains.

this. Anyone thinking this is bullish is a massive retard. I wish we could decouple from fiat already

Will someone finally buy my bags?

there's no "exchange market" it's all one market

whenever someone buys btc and locks it/decides not to sell, its always bullish because of limited supply