I have seen a tweet talking about how there are rumors that Coinbase is writing Bitcoin IOUs for BlackRock and they are suppressing price.

Thought to give a point of

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Is BlackRock Suppressing Bitcoin's Price?

There is no clear evidence that BlackRock is suppressing Bitcoin's price through its partnership with Coinbase. While some speculate that BlackRock holding a large amount of Bitcoin could negatively impact the price, others argue that it actually raises the value for everyone else.

BlackRock's Crypto Ambitions

-> BlackRock has been expanding its crypto offerings, including launching a spot Bitcoin ETF called iShares Bitcoin Trust (IBIT)

-> In 2022, Coinbase was selected by BlackRock to provide its Aladdin clients access to crypto trading and custody

-> BlackRock aims to have $5 trillion in crypto assets under management by 2030

Basis Trade Dynamics

-> Bitcoin's recent price decline from around $72,000 to $65,800 coincides with $580 million in outflows from Bitcoin ETFs

-> This contrasts with the previous 19 consecutive trading days of inflows totaling $4 billion, which aligned with Bitcoin's price rise from $60,000 to $70,000

-> The discrepancy has led to questions about whether Bitcoin's price is being suppressed, but some argue it's simply due to basis trade dynamics

In conclusion, while BlackRock's growing presence in the crypto space is noteworthy, there is no definitive proof that they are actively suppressing Bitcoin's price. The recent price fluctuations appear to be more closely tied to ETF inflows and outflows rather than any malicious actions by BlackRock or Coinbase.

#Bitcoin #BTC #BlackRock #Coinbase #Nostr