Regardless of blocks, how will they fill the etfs? Who would be selling 🤷♂️
Discussion
Miners will be selling. Perhaps not enough to fill the needs of the ETFs, but that’s certainly one group who will be selling — to fund their OpEx.
this is one of the brilliant, under appreciated things about the PoW: finite number of a depreciating asset has strong potential for locking up and imploding, but bitcoin was built in such a way that there’s always a network participant that needs to sell coins to fund real world expenses (miners)
it’s possible that you’d reach a situation where the *only* people selling are miners, but that’s infinitely better than no one
Someone, somewhere will need to transact on the main chain. Especially if this thing turns out to be the reliable, base settlement layer for global finance that so many companies are building towards.
I guess my argument is that there's gonna be nowhere near enough Bitcoin liquidity to go around for the ETFs to meet the demand. (At this price)
With $50k btc price, the miners revenue is ~100k coin per quarter now ~ $5Billion.
I think that some expected inflow estimates are in lower hundred $Bs in 2024.
To meet that, there would have to be many more sellers found and the price would have to adjust a lot.
- even then, I'm thinking that they will have really hard time to capture a super-dominant share of the coin.
I agree with you and I believe nostr:npub1e0z776cpe0gllgktjk54fuzv8pdfxmq6smsmh8xd7t8s7n474n9smk0txy does, too. As well as many of us here.
To give some additional color to the miners who are selling, check this chart. Note that several miners have no HODL strategy and are simply selling everything they mine to fund/grow their operations. 