The ETFs have bought ~2.5x the new issuance of bitcoin since their inception.
MicroStrategy (alone) claims to have bought ALL the new issuance of bitcoin over the last year.
“…But but but ‘profit taking’…” is keeping the supply shock from occurring?
No … Coinbase - enabled by others - is fractional custodying bitcoin. We have huge amounts of paper bitcoin suppressing the price.
I think about this pretty often lately. It begs the question, how long can they float paper bitcoin.
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