You think blackrock only has 2 mil on an exchangeđ?
Discussion
He said there are only about 2M coins on exchanges that they can try to play with
No I know for a fact thereâs only 2 mil sats left that arenât being self custodied. Itâs public information đ¤Ł
Coins not sats
Coinbase custody alone holds more than that and isn't included in exchange data
That's my point - you are only including Coinbase exchange data, not the coins in their Custody product. Coinbase custody holds the ~600k coins in the Grayscale trust for example.
Right but arenât those the property of the trust? For instance how would a black rock ETF use another companies bitcoin? That makes no sense
And if they did collude like FTX did with market makers we already know what happens
Also if the âattack vectorâ is making only custodial Btc legal wouldnât they want to prove it works well?
I stick to the simple heuristic: not your keys, not your coins. Coinbase's keys, Coinbase's coins.
If we could rely on laws and the legal system to fairly and efficiently enforce property rights bitcoin wouldn't be so important.
Whatâs your source? These trackers are used in onchain analysis and large exchanges are pretty well tracked