MSTR is buying ~30% of newly mined btc at these price levels.
There is no way the global supply & demand dynamics at play here are organic and natural. Someone is manipulating something, somewhere, somehow at a magnitude serious enough to impact bitcoin’s purchasing power.
Maybe. Or it could be as simple as Nasdaq down, bitcoin down - at least in the near term. Who knows?
Man ive been saying this as well. Not only Saylor but the ETFs in the US, Hong Kong, etc. How on earth is the price still down? It's gotta be one of the last great opportunities to get in here.
This is copied/stolen from #anchorite
Topic: Bitcoin price discovery
More and more #bitcoin is taken off exchanges, but nonetheless the crab market continues to keep poking bitcoiners in the eye.
I asked Grok:
"If we ignore bitcoin futures trading, is it possible that trading of "paper bitcoin" on crypto exchanges has such volume that it affects the bitcoin spot price?"
Grok's conclusive remarks were:
"The sentiment from posts on X and broader market analysis suggests that while spot ETFs and direct ownership of Bitcoin are significant, the derivatives market's volume and its impact on price cannot be understated. This indicates that even without considering futures, the trading volume of what might be colloquially termed "paper Bitcoin" on crypto exchanges could indeed affect the Bitcoin spot price through mechanisms like sentiment, arbitrage, and leveraged trading. However, the exact extent of this influence would require detailed market data analysis beyond what's typically available in public discussions or general insights from X posts."
Comments?
Excluding futures, can trading of "paper bitcoin" negatively affect bitcoin price discovery in theory or practice?
I know there is a lot of leveraged trading on Bitcoin in both directions and that adds to the volatility in both directions. But over a long enough timeframe the accumulators of the physical bitcoin generally move the market up as true scarcity comes into play.
This 6-months range bound falling price action is weird. My instinct is that stackers and hodlers should have broken through this by now.
My gut feeling has always been that when ur too big to fail (central banks and their primary players/institutions) u can make as many losing bets as u want…until ur safety net (USD/fiat) dry rots and then those losses start to matter.
IMHO
Signs of said dry rot will be when govts, institutions, corporations and private citizens start opting (to the extent they can) for stores of value other that your fiat denominated assets (…oh yeah🤔 that’s already happening😳) followed by same players opting outta ur fiat currency as a unit of acct and means of exchange. That latter domino has yet to fall but the Brics+ nations are sure banging that drum….time will tell 🤷🏽♂️
But wtf do I know. I’m an idgit and wrong about almost everything 😂
