Personally I believe (not know, just believe) the various funds have been pursuing a Bitcoin ETF so patiently because their being hounded by their clients to do so. Thus they KNOW there is huge demand built up, like a dam retaining water.

They are likely also aware, as we Bitcoiners are, that 2024 looks extremely Bullish for Bitcoin.

So I believe they’ve been stacking for months now, which also increases the pressure they’re putting on the SEC to approve.

Also I’d add that Brokerages like Coinbase run OTC trading desks specifically to fund large client purchases. This is why Microstrategy or Tesla or whatever can make massive purchases (or sales) w/o moving the markets too significantly. The brokerages buy/sell in increments all day, every day, and move the assets off-the-books when an institutional client wants them.

So I believe all of these firms who’ve applied for an ETF have already been stacking. And in our current market they’re content to have done so because they’ll sell at huge gains. It’ll be very interesting to find out if they gauged initial demand correctly, or if they’ll quickly all find themselves in a bidding war to meet customer inflows.