So using round numbers. Roughly 19M bitcoins have been mined, 2M or so are lost / Satoshis, 15M held by various entities, and only 2M available on exchanges.
Is there really enough bitcoin available for all these big banks to spin up ETFs? Sure if the price gets high enough some entities will sell but how much is being HODL by laser eyed maxis who will never sell?
Long answer: no there isn't
Short answer: #supplyshock
I mean I would assume each ETF would need 500k or more bitcoins for any kind of liquidity. Unless they have already secretly bought them there doesn’t seem like there is enough in circulation to have all these ETFs
At these prices there isn't. Remember that they're unit of account is USD. They need far less bitcoins at $1M USD than at $30K.
Bitcoin gets more useful as it's price increases.
At what price do they get the liquidity they need?
Some hodlers are about to sell a decent amount of their stack for debt tokens.
I agree and institutional money isn't in this for the long run or to appreciate Bitcoin as a currency.
They have their profit and loss taking levels like any decent trader. That's why I like Fibonacci as it allows me to predict profit taking levels of those institutions.
We have to bear in mind that +90% of all trading is automated. Market balancers, support/resistance levels and trading bots. Those bots will always buy or sell when their parameters trigger and FIB is one of the major ones institutional is using. They almost "have to" stick to those levels.
But, one day I will get my #supplyshock tag. Rather sooner than later.. been waiting for it for some time :)
Every bitcoin I acquire is out of circulation… for 30+ years… 🤙
Take your notes people 👌🏻😉
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