The dollars behind today’s spot ETF volume haven’t even hit the fund portfolio managers’ desks yet.

Most create orders behind today’s flows will get cash settled tomorrow morning T+1 … i.e. the capital behind today’s wave hasn’t even started lifting offers in the physical Bitcoin market yet.

Some of the biggest OTC desks are currently calling OG HODLers and offering premium off market. They’re realizing there could be a supply squeeze.

Stack sats, stay humble. This bull run will make people go bananas.

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