Who the hell is selling all the BTC these funds are buying?!
Discussion
Nobody seems to know. It's all peer-to-peer in the background, they say
Want the red pill? All of those platforms that everyone on Nostr likes to push... they’re all businesses making profits for stakeholders. So, the SATs that some Nostriches are paying so a four-letter company can run their "non-custodial" Lightning wallets in the cloud, the SATs I paid for the hoodie in the picture, the SATs you're spending to use private Nostr relays, etc... Chances are, they're being sold for fiat.
Maybe the small-time maintainer cashes out to order a burrito on Uber Eats. Maybe a large company encourages its subsidiaries to "diversify their portfolio" and hedge against volatility and legislative risk by selling off some excess BTC. One way or another, a lot of BTC is changing hands out there.
The idea that BTC is held by a hermetic community trading only among themselves is a sweet one... and also very, very naive. Chances are, your favourite "evil" 100+ year-old financial institution (whose CEO keeps saying crypto is a scam) likely holds more BTC in custody than everyone on Nostr combined.