Nostr Web Client

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.

This is why Proof-of-Reserves from nostr:npub1xkere5pd94672h8w8r77uf4ustcazhfujkqgqzcykrdzakm4zl4qeud0en and ETF in-kind redemptions are so vital!

Paper bitcoin will wrek them just like it rekt FTX

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Personally, I’d just not like to be collateral damage in the short term if we can avoid it 😂