Subnostr

🇭🇰 LATEST: Hong Kong gaming firm swaps $49M worth of Ether in treasury for Bitcoin

With the latest acquisition, Boyaa Interactive has 3,183 #Bitcoin in its stash, up from 2,635 at the end of September.

I heard somewhere that 50% of ETH is staked BTC? like eBTC or sBTC or whatever other liquidity locked "staking" BS there was.

Ultimately, people bought BTC in 2021, without a real understanding of "how does this make money" and indivduals saw this op and created smart contracts on Ethereum that offered insane APY returns. Thus, BTC holders would move their money into these contracts.

IMO that would make BTC upwards of ~65% to 70% of total market share instead of the current ~57% .

I mean, simply filter out the shitcoins and liquidate the contracts and that money flows back into Bitcoin

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Discussion

TheGrinder 1y ago

yes that's how liquidity and liquidity pairs work. This is also the reason why many coins have a strong correlation to the Bitcoin chart. A large part of their liquidity is BTC (and ETH, stablecoin etc). So if BTC goes up it pulls the shit along because the LP goes up in value thanks to BTC.

S!ayer 1y ago

I mean most of the kak out there is just nonsense. I saw one today with a 3.3 billion market capitalization called DogWifHat and it's thesis is literally just a dog with a hat.

???