Is the GBTC selling pressure just so large that is spoofing the market making to artificially depress the #Bitcoin price? The amount of ETF buying is absolutely absurd. I don’t think even a 50% bump in price since the launch is anywhere close to indicative of the real marginal purchase pressure. Or is there just massive selling into this pump? Disclaimer: I’m a retard. My thoughts may reflect that.
Discussion
🤷♂️🤷♂️🤷♂️ no idea but i know ppl dont want to pay such a high fee with GBTC. Also It points to weak hands or high time preference in general.
I’d get out of GBTC too. Everyone should. It just seems odd that we aren’t flying even higher given the net flows. This is all just total conjecture on my part.
Perhaps Worldwide liquidity and availability given the btc network. Perhaps miners all over the world needing to sell and pay some previous bear market bills and loans that are coming to collect 🤷♂️
“Cheap” btc selling based on renewable energy mining facilities?
So many possibilities wrapped into bitcoin that its amazing to think about
An infinitely complex market beyond our comprehension for sure.
They are farming degens, see the liquidations on the 5th - over $800mill longs(!) rekt for the day. That's a lot of dough for this illiquid market.
Previous ATH didn't get taken out the first time either.