Replying to Avatar BoomTown

The ETFs have bought ~2.5x the new issuance of bitcoin since their inception.

MicroStrategy (alone) claims to have bought ALL the new issuance of bitcoin over the last year.

“…But but but ‘profit taking’…” is keeping the supply shock from occurring?

No … Coinbase - enabled by others - is fractional custodying bitcoin. We have huge amounts of paper bitcoin suppressing the price.
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halalmoney 11mo ago

A big enough player would need to weigh the benefits of calling the bluff of fractional custodianship/rehypothication versus the risk of going against the establishment.

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