So where are the ETF's buying it all from?

https://bitbo.io/news/bitcoin-45-percent-unmoved-six-months/

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Good question

That’s the neat part. They’re not.

Personally I think Wall Street is playing dangerous games, and most probably selling paper Bitcoin. If this turns out to be true we will witness new Black Swam event.

Same place where banks buy all the gold behind the IOUs they sell ppl.