Replying to Avatar Seth Michael Steele

It seems like the markets are still in disbelief, even though we have set new ATHs. Euphoria might be right around the corner, or it might wait until $100k, maybe both.

Each week ~6,300 #Bitcoin are mined, last week 56,954 #Bitcoin were accumulated by the ETFs.

This isn’t sustainable at current prices. Current price would have to 9x to balance supply and demand.

The current average weekly acquisition by the #BTC ETFs is 40,000. I’m bullish on this number.

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NathanS000 1y ago

I agree it’s bullish, but it makes me nervous seeing so much #bitcoin concentrated in the hands of Blackrock and Fidelity. I’m not exactly sure why.

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Seth Michael Steele 1y ago

Correction: COINBASE and Fidelity!!!

Exactly why: FTX 2.0…people act like self custody isn’t as important as it once was…it’d be a shame if something happened…AGAIN

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Moon 1y ago

All of the ETFs combined are like 5% of supply I think.

Also, I’ve been thinking a lot about this comic lately. HOARDING bitcoin, no matter who is doing it, may not actually do much good in the long run.

Others will find ways to be wildly productive with whatever bitcoin they do have…

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Seth Michael Steele 1y ago

Nerd dragon has a point 🤔