Combine it with the HK etf
[https://www.reddit.com/r/Bitcoin/comments/1cg3gid/hong\_kong\_etf/](https://www.reddit.com/r/Bitcoin/comments/1cg3gid/hong_kong_etf/)
I think it’s still a big player…
If superannuations can buy in then it’s a decent chunk of cash.
Also the Aussies are generally cashed up and like to gamble.
Total net assets of all twelve funds combined is about $14 billion.
Advantage $204m
Asia Opportunity $129m
Counterpoint Global $11m
Developing Opportunity $35m
Global Insight $76m
Global Opportunity $3100m
Global Permanence $4m
Growth $5600m
Inception $423m
International Advantage $3300m
International Opportunity $1000m
Permanence $4m
Yea realistically even if these fund allocate 10% to btc, which will likely never happen, it would be less then 0.1 percent of bitcoin’s market cap. As a comparison the current ETFs hold 64B dollars which is 4.8% of bitcoin’s cap.
To me the important part of this isn't the dollar value. It's that Bitcoin is becoming more institutionalized.
This is a sign of acceptance as an asset.
except that time it went from $10 to $100 per bitcoin
And then there was that time it went from $100 to $1,000
Don't forget it went from $1,000 to $10,000
We're in the period that it's going from $10,000 to $100,000, enjoy it while it lasts
my crypto mentor told me.
the source is bitcoin’s history.
after the halving happens every 4 years the cost to mine 1 bitcoin increases. throughout bitcoin’s history, it has always increased to more than the price of one bitcoin. then 3-6 months after every halving the price of 1 bitcoin catches up to the cost of mining 1 bitcoin. which explains crazy pumps in 2013, 2017, and 2021. what do you think will happen in 2025?
the most recent example of this: before the halving that just happened the cost to mine one bitcoin was 64k, then the halving happened and the cost increased to 98k
then to add more fuel to the fire the etf got passed with more to come, blackrock, fidelity, ark investments, stanford, yale, harvard and other institutions are consistently buying bitcoin daily.
its about to be a crazy bull run, you guys ready? are your bags packed?
My understanding is that instead of having an ETF focused on Bitcoin, this allows other ETFs to include Bitcoin. Right now people have to pick the Bitcoin ETF.
I believe this change will have people buying Bitcoin without knowing it. Unless they read the details of the prospectus, but that's like reading an EULA.
ETFs, or Exchange-Traded Funds, are investment funds that trade on stock exchanges and aim to track the performance of a specific index, commodity, or asset class.
Some investors can’t buy or hold bitcoin, for example banks because of regulations. So someone else creates a fund that buys it and investors buy parts of the fund. So it’s bit like owning stocks of a company that owns bitcoin.
ETF is a fund that can be traded on exchanges such as Nasdaq.
Wouldn’t the “controlled exposure” create downward pressure as soon as price rises?
For example, If they only want a fund to be maximum 2% Bitcoin and price starts rising, they would have to sell in order to maintain a 2% share.
If enough Bitcoin “ownership” occurs through these controlled exposure funds, that would reduce volatility overall. Probably a long ways away from that, but interesting to think about
I don't know the size of these funds, but let's say each one is $100m and they allocate 5% to BTC. That's a total of $60m worth of BTC total. Even if it's 10x that, it doesn't seem like much.
Really? I really want to know. Many talk like ETF’s are some magical thing. It seems to make sense to me that at some point they would want to cash out. Can they sell? Will they one day say they made enough and sell? Or are we betting the longest of long term holders will want to scoop it all up?
Yes really. Let's say BTC is 69k right now and you go buy 69k worth of the etf right now, you have forced them to purchase 1 BTC on your behalf and hold it until YOU choose to sell all or part of it. It has nothing to do with them making decisions to "play the market" with your money (other than timing their purchase within the specified guidelines).
Edit spelling
Your line of thinking is correct. A bear case for bitcoin is big money will sell most of it once it moons then leave the institutional investors holding the bag.
Happens in penny stocks quite often.
These 12 listed funds are not bitcoin ETFs. The point being made in the post is that their investment in bitcoin ETFs may be significant. I think that $600m is not significant. I feel like you maybe are trying to make a different point.
I’m saying it is even less significant than that. When you consider these bitcoin spot ETFs are not like other spot ETFs and have a cash redemption model forced by SEC. The cash redemption model means less bitcoin is bought than if it were to be an in kind model like what you would expect. Minor detail but hopefully useful to someone.
This is absolutely true. Buying shares of a Bitcoin ETF with an in-cash redemption model doesn't directly equate to purchasing actual bitcoin. You are investing in a fund that aims to track the price of bitcoin using DERIVATIVES. The ETF can use leverage. They could be holding a bunch of Bitcoin futures contracts. The regulation only requires them to hold cash/asset equivalents as collateral in order to cover potential losses. This is why you see disclaimers always stating there is no guarantee they will deliver the same returns as bitcoin itself. So sorry to burst your bubble it isn't the same as holding bitcoin. 8/10 of the initial spot ETFs use Coinbase as a custodian and as of Sep 2024 coinbase was estimated to have around 1 million bitcoins. Self custody is the only way to move the needle on price. What good would a cash equivalent do you in a hyper inflation scenario? You thought FTX was bad, wait until they blame the entire financial crisis on bitcoin.
[https://finance.yahoo.com/news/coinbase-holds-5-global-bitcoin-024646722.html](https://finance.yahoo.com/news/coinbase-holds-5-global-bitcoin-024646722.html)
In cash redemption means that you can only redeem your ETF shares in cash, not in actual bitcoin. That does not mean that they do not hold bitcoin. The bitcoin ETFs issue you shares of the ETF in return for cash, and then they buy bitcoin, through a custodian. They do not buy derivatives, they buy bitcoin.
In Cash means the redemption must happen through cash, you can’t withdraw or deposit a bitcoin to etf it has to go through fiat, so when ETF buys they still buy 1:1.
Frankly, I see the BTC ETF just as a good vehicle to make the BTC Coin more accepted and known to everyone which is just great for people that invest and do not trade. Blackrock is not investing 1 cent in BTC, just use BTC to cash more fees …
Do you trust blackrock with the ETF thing? It's just bizarre how mainstream media promoting it. Bitcoin supposed to be underground anti government, a freedom peer to peer electronic cash.
What do you mean by trust? I trust an ETF significantly more than a Coinbase, Gemini, webull insert xyz bitcoin exchange. I’ll only hold bitcoin in a cold wallet or an ETF.
And yes it is ironic how bitcoin is now viewed. I learned about bitcoin in 2011 from libertarian communities.
Also how TF do so many people in bitcoin not understand ETFs? Bitcoin is vastly more complicated. If you can grasp the concept of bitcoin a 10 minute video on ETFs will be plenty for you.
On the one hand, it legitimizes Bitcoin, but on the other hand, these ETFs and custodians also create a Bitcoin honeypot for the government to potentially seize BTC, similar to what they did to gold.
After a lunchtime I'm here doing stock market I finally realizing that they can't be saying and rather than learn these old dogs will not learn new tricks and they'd rather think that chip with the Sharks waiting with baby breath mark my words
I’m also thinking with China going back-and-forth with crypto being “illegal” and then crypto being “legal”, it’s got a lot of the population scared to invest.
#Bitcoin is printing a dreadly candle on the 2M #Btc Index chart. If the last candle closes at or below $61.600 the candle will be a Gravestone Doji forecasting few months of reversal to the downside. As the 2m candle will close at 23:59 today, with the price being at $ 60.800 right now, all facts point to the printing of a terrible gravestone Doji.
Men lie, charts don't lie. These are simple facts.
Honk Kong ETF's launch's a disaster with all six ETF's launch totaling $11M, a fraction of the hundred's of $ expected (above the $655M of US ETFs launched in January were expected).
This does not mean the Bull market is finished but we could have some very good chances to buy more cheap #BTC.
As you can see from the #Bitc Index 2m we've been rejected at the $61.800 level few times already in 2022 making this am important structural level for Bitcoin.
[Bitcoin Usd Index 2m](https://ibb.co/N994L7W)
Ha ha ha! I waited for the crash to begin tough, so I had even proof it begun!
But I didn't buy the 800$ bundle! Just trying to make logic info I believe in better known.
There's even too many who spread any idea they thought overnight. Spreading logic is a try to balance this out!
😂😉👍👍👍
I really don't understand why people are calling this good news. Yeah, maybe for the price, but the fundemental theorie behind it vanishes slowly. Those are paper btc's. They are doing the same with btc as what they did with gold etc. Stop that.
The guy isn’t wrong. The SEC forced these bitcoin ETFs to use a cash redemption model that basically lets them get away with only holding a tiny fraction of bitcoin in a custodial service. They are centralizing bitcoin the same way they centralized gold
How do you think they got out of the deep end with genesis being wrapped up in the ftx debacle? They offloaded the losses to retail. This is why we saw huge outflows initially from gbtc right after the etf approvals. Same accounting tricks from the same crooks debasing the dollar stealing your time.
You could be right with no oversight they could be lying, saying they bought the bitcoin when they clearly didn’t.
This is why I think the saying is no keys no coin ….🪙
At the end of the day, Bitcoin is a wealth creation machine. The wealthy see it as a lucrative opportunity to make a lot of money. Greed always reigns supreme. It's great for people who are looking to profit off BTC, but you're correct that it's not good for the overall vision of BTC. In saying that, it was inevitable anyway. At the end of the day, "not your keys, not your coins" stands.
That i receive so many downvotes for my comment shocks me. i guess people don't understand the white paper and the reason it became alive. They are just searching for green candles while the fundamental theorie behind the white paper is freedom and the ability to become your own boss of your finances. It really shocks me how humans think about money. Bitcoin is and was never money. It was a tool to free yourself from those who are trying to own bitcoin so hard these days. ETF's are the biggest stupid mistake we are trying to celebrate. Eventually they will dominate the price for bitcoin and it has nothing to do anymore with demand and supply.
They are so locked up in fear politics that they even see it anymore. Kinda sad. Those ETF's and SEC don't give a shit about those who are investing in them. The people think they are save with their money on those ETF's and they bring it such a way that it looks all nice and shiny. But the only thing the SEC promises to the people is that the ETF's won't get broke. Read the contracts you sign and learn from the past. It is just one big happy family and you are only allowed to watch when everything falls apart.
>They are doing the same with btc as what they did with gold
They made the price go up? Very cool!
In all seriousness, you do you. Self-custody and protect yourself. Let other people invest how they see fit.
It goes....UP UP UP!!!
Combine it with the HK etf [https://www.reddit.com/r/Bitcoin/comments/1cg3gid/hong\_kong\_etf/](https://www.reddit.com/r/Bitcoin/comments/1cg3gid/hong_kong_etf/)
PLEASE STOP...I can only get so hard!!! LOL
Diamond hands. Diamond cock.
Diamond rings for both
🤣
🤣🤣🤣 The way I just hollered!!
I'm ☠️ 🤣
I don’t know why, but I’m feeling immature today. Have my upvote
JaoehsieHe
diamond cock in a diamond cock cage
You know you can get harder just wait 8-12 months 😳
Maybe you should see doctor.
Nope you will get harder. It happened to me.
From all the seeing the future I got crystal balls already
W comment
https://en.m.wikipedia.org/wiki/Priapism
And the Australian
Australia is also doing their ETF? Is that official?
Australia is supposed to be before the end of the year
First I've heard of this. Yes. it would be good. Oz superannuation system is one of the largest in the world.
UK etf is by may 30. I heard it can pop like a pimple.
Peasants aren't allowed access though, it's for our own protection!
Australia have had a bitcoin etf for well over a year now.
Australia isn't going to be a major one
I think it’s still a big player… If superannuations can buy in then it’s a decent chunk of cash. Also the Aussies are generally cashed up and like to gamble.
*"Nobody even knows where HK is"* - Peter Schiff ( ͡° ͜ʖ ͡°)
He is not wrong about that.
Those HK fund launches sure didn’t help today 😂. But it’s a long game
We all KNOW what is going to happen soon. HODL
UP
Yes, it will go up but every advantage also comes with a disadvantage.
The sentient predicament indeed.
I usually bet that it falls, and the effect is good.
Bitcoin shitcoin
AWWWWW SOMEONE...missed the low...LOL
Segwit Smegbit
Total net assets of all twelve funds combined is about $14 billion. Advantage $204m Asia Opportunity $129m Counterpoint Global $11m Developing Opportunity $35m Global Insight $76m Global Opportunity $3100m Global Permanence $4m Growth $5600m Inception $423m International Advantage $3300m International Opportunity $1000m Permanence $4m
So basically zero in the grand scheme.
Yea realistically even if these fund allocate 10% to btc, which will likely never happen, it would be less then 0.1 percent of bitcoin’s market cap. As a comparison the current ETFs hold 64B dollars which is 4.8% of bitcoin’s cap.
So basically you’re missing the point
Source?
[https://www.morganstanley.com/im/en-us/individual-investor/product-and-performance/mutual-funds.desktop.html](https://www.morganstanley.com/im/en-us/individual-investor/product-and-performance/mutual-funds.desktop.html)
To me the important part of this isn't the dollar value. It's that Bitcoin is becoming more institutionalized. This is a sign of acceptance as an asset.
Yes, this is the first thing I think about reading news like that
The risk is that Bitcoin is absorbed by the system as "another risky asset" and nothing else.
doesnt even matter tbh, people see the price and want in. it goes up regardless.
Number go up?
Get ready for the dump and then hang on for the pump…🚀
strap your fucking seatbelts
So wat does this mean (i eat crayons)
Increased demand should drive bitcoin up
story of the decade lmao
Should. But never really seems to.
except that time it went from $10 to $100 per bitcoin And then there was that time it went from $100 to $1,000 Don't forget it went from $1,000 to $10,000 We're in the period that it's going from $10,000 to $100,000, enjoy it while it lasts
Don't forget 100k to one million.
We’re in the $50,000 to $500,000 range
D'oh!
the cost to mine one bitcoin is currently 98k, eventually the price of bitcoin will be on par with the cost to mine it. just saying
Hm, interesting, how did you get this info? Is there a source?
my crypto mentor told me. the source is bitcoin’s history. after the halving happens every 4 years the cost to mine 1 bitcoin increases. throughout bitcoin’s history, it has always increased to more than the price of one bitcoin. then 3-6 months after every halving the price of 1 bitcoin catches up to the cost of mining 1 bitcoin. which explains crazy pumps in 2013, 2017, and 2021. what do you think will happen in 2025? the most recent example of this: before the halving that just happened the cost to mine one bitcoin was 64k, then the halving happened and the cost increased to 98k then to add more fuel to the fire the etf got passed with more to come, blackrock, fidelity, ark investments, stanford, yale, harvard and other institutions are consistently buying bitcoin daily. its about to be a crazy bull run, you guys ready? are your bags packed?
I’m up 150%… kinda disagree
What are you smoking and can I have some
And me
the cost to mine one bitcoin is currently 98k, eventually the price of bitcoin will be on par with the cost to mine it. just saying
My understanding is that instead of having an ETF focused on Bitcoin, this allows other ETFs to include Bitcoin. Right now people have to pick the Bitcoin ETF. I believe this change will have people buying Bitcoin without knowing it. Unless they read the details of the prospectus, but that's like reading an EULA.
more exposure, more adoption, more people learning and understanding it, more Bitcoin. (please pass me the lime-green crayon)
What’s your favorite flavor?
Lime green, currently ive being force fed red crayons i dont like them
ETFS Over Just Getting Started!
What exactly are ETFs? I have never understood them
ETFs, or Exchange-Traded Funds, are investment funds that trade on stock exchanges and aim to track the performance of a specific index, commodity, or asset class.
Some investors can’t buy or hold bitcoin, for example banks because of regulations. So someone else creates a fund that buys it and investors buy parts of the fund. So it’s bit like owning stocks of a company that owns bitcoin. ETF is a fund that can be traded on exchanges such as Nasdaq.
Don’t need to understand them. Get some ibit ETFs. That’s all I have since blackrock things happen.
Check out my Substack explaining what bitcoins ETFS are in simple terms and what it could mean for bitcoin!
Wouldn’t the “controlled exposure” create downward pressure as soon as price rises? For example, If they only want a fund to be maximum 2% Bitcoin and price starts rising, they would have to sell in order to maintain a 2% share. If enough Bitcoin “ownership” occurs through these controlled exposure funds, that would reduce volatility overall. Probably a long ways away from that, but interesting to think about
You can make money only if you know what other people think.
I don't know the size of these funds, but let's say each one is $100m and they allocate 5% to BTC. That's a total of $60m worth of BTC total. Even if it's 10x that, it doesn't seem like much.
Couldn’t these funds just as easily sell their bitcoin at some point?
At some point yeah, but first they need like 2x returns.
No they need to keep btc to back up the etf
Correction. Their custodian does. And it’s not as much in a cash redemption model.
Yes.
No
Really? I really want to know. Many talk like ETF’s are some magical thing. It seems to make sense to me that at some point they would want to cash out. Can they sell? Will they one day say they made enough and sell? Or are we betting the longest of long term holders will want to scoop it all up?
Yes really. Let's say BTC is 69k right now and you go buy 69k worth of the etf right now, you have forced them to purchase 1 BTC on your behalf and hold it until YOU choose to sell all or part of it. It has nothing to do with them making decisions to "play the market" with your money (other than timing their purchase within the specified guidelines). Edit spelling
So the people could sell their etf, and in turn the etf provider would sell the bitcoin?
Yes, the important part is the ETF is not making any decisions, the purchaser of the ETF (stock) is.
Your line of thinking is correct. A bear case for bitcoin is big money will sell most of it once it moons then leave the institutional investors holding the bag. Happens in penny stocks quite often.
You’re wrong. They use a cash redemption model unlike most ETFs. This allows them to get away with a tiny fraction of bitcoin
What am I wrong about exactly?
I was pretty clear. If they allocate only 5%, you’re looking at only another fraction of that backed by bitcoin in the ETF
These 12 listed funds are not bitcoin ETFs. The point being made in the post is that their investment in bitcoin ETFs may be significant. I think that $600m is not significant. I feel like you maybe are trying to make a different point.
I’m saying it is even less significant than that. When you consider these bitcoin spot ETFs are not like other spot ETFs and have a cash redemption model forced by SEC. The cash redemption model means less bitcoin is bought than if it were to be an in kind model like what you would expect. Minor detail but hopefully useful to someone.
This isn’t true. They are required to buy bitcoin with cash you send them.
This is absolutely true. Buying shares of a Bitcoin ETF with an in-cash redemption model doesn't directly equate to purchasing actual bitcoin. You are investing in a fund that aims to track the price of bitcoin using DERIVATIVES. The ETF can use leverage. They could be holding a bunch of Bitcoin futures contracts. The regulation only requires them to hold cash/asset equivalents as collateral in order to cover potential losses. This is why you see disclaimers always stating there is no guarantee they will deliver the same returns as bitcoin itself. So sorry to burst your bubble it isn't the same as holding bitcoin. 8/10 of the initial spot ETFs use Coinbase as a custodian and as of Sep 2024 coinbase was estimated to have around 1 million bitcoins. Self custody is the only way to move the needle on price. What good would a cash equivalent do you in a hyper inflation scenario? You thought FTX was bad, wait until they blame the entire financial crisis on bitcoin. [https://finance.yahoo.com/news/coinbase-holds-5-global-bitcoin-024646722.html](https://finance.yahoo.com/news/coinbase-holds-5-global-bitcoin-024646722.html)
In cash redemption means that you can only redeem your ETF shares in cash, not in actual bitcoin. That does not mean that they do not hold bitcoin. The bitcoin ETFs issue you shares of the ETF in return for cash, and then they buy bitcoin, through a custodian. They do not buy derivatives, they buy bitcoin.
Look at the ETFs holdings, 100% BTC. Not derivatives,
Don’t confuse an account balance in the custodian’s (coinbase) database with 1:1 unspent UTXOs on chain. How did you think FTX became insolvent?
In Cash means the redemption must happen through cash, you can’t withdraw or deposit a bitcoin to etf it has to go through fiat, so when ETF buys they still buy 1:1.
I wAs pReTty cLeAr.
True !
False
$100,000 already… hurry up!
Money inflow from pension funds isn’t even allocated yet… to tha moon 🚀🛸
The good news keeps coming and the price starts dropping, the bad news is coming and the price skyrockets. Trading will never be so obvious. :)
More cash!!! 😎😎😎
Frankly, I see the BTC ETF just as a good vehicle to make the BTC Coin more accepted and known to everyone which is just great for people that invest and do not trade. Blackrock is not investing 1 cent in BTC, just use BTC to cash more fees …
DCA baby diamond hands it’ll go down more then I’ll pull the trigger on a massive BUY! 💎
Keep it coming baby!
Do you trust blackrock with the ETF thing? It's just bizarre how mainstream media promoting it. Bitcoin supposed to be underground anti government, a freedom peer to peer electronic cash.
Self custody is the only way. Trust nobody
What do you mean by trust? I trust an ETF significantly more than a Coinbase, Gemini, webull insert xyz bitcoin exchange. I’ll only hold bitcoin in a cold wallet or an ETF. And yes it is ironic how bitcoin is now viewed. I learned about bitcoin in 2011 from libertarian communities.
Bitcoin only heading down
Good news keeps coming Bitcoin keeps tanking
Miners gotta sell
Jamie Dimon is so anti Bitcoin 12 of his companies ETF's are going to be adding a recurring allocation to the asset class. What a world we live in!
ooooo all this bullish momentum, I hope Q3 surprises us for real.
Also how TF do so many people in bitcoin not understand ETFs? Bitcoin is vastly more complicated. If you can grasp the concept of bitcoin a 10 minute video on ETFs will be plenty for you.
On the one hand, it legitimizes Bitcoin, but on the other hand, these ETFs and custodians also create a Bitcoin honeypot for the government to potentially seize BTC, similar to what they did to gold.
Exactly what I’ve been thinking
Let’s goooo 200k aud per coin here we come!!
Up up up... she goes my precious, yes...
This is getting, beautiful !!! 🤩 🏧
I thought the ETF hype was over!
Nope
85000?
Are HK ETFs required to back their shares with actual btc?
yes, and they can be redeemed in-kind. So when you sell you can get actual BTC sent to you.
There are also cryptocurrency IRA plans too
Commenting on The good news keeps coming......sell the news again. Communist china will not impact much.
So Morgan Stanley have already bought it before they make this announcement right?
After a lunchtime I'm here doing stock market I finally realizing that they can't be saying and rather than learn these old dogs will not learn new tricks and they'd rather think that chip with the Sharks waiting with baby breath mark my words
Wot?
So as someone who doesn’t know much about crypto is now the time to buy, or is it likely to drop more?
Yes
It will go up forever Lucia!!
Is this the new pump story...I can't keep up ...kinda like the price can't either 🫠
Hong Kong ETFs underwhelmingly only had 11 million in volume when it projected to be at 300 million.
I’m thinking give them a little more time…?🤷🏾♂️
Idk man, it’s the ETFs IPO and this level of underwhelming ness ? Maybe there’s just no interests over there. US did 4.8 billion in the first day.
I’m also thinking with China going back-and-forth with crypto being “illegal” and then crypto being “legal”, it’s got a lot of the population scared to invest.
Why has the price been going down sense march then?
Even my cock ring is diamond!
UP NOW???
It just dumped -4.5% overnight, not sure what’s happening now
#Bitcoin is printing a dreadly candle on the 2M #Btc Index chart. If the last candle closes at or below $61.600 the candle will be a Gravestone Doji forecasting few months of reversal to the downside. As the 2m candle will close at 23:59 today, with the price being at $ 60.800 right now, all facts point to the printing of a terrible gravestone Doji. Men lie, charts don't lie. These are simple facts. Honk Kong ETF's launch's a disaster with all six ETF's launch totaling $11M, a fraction of the hundred's of $ expected (above the $655M of US ETFs launched in January were expected). This does not mean the Bull market is finished but we could have some very good chances to buy more cheap #BTC. As you can see from the #Bitc Index 2m we've been rejected at the $61.800 level few times already in 2022 making this am important structural level for Bitcoin. [Bitcoin Usd Index 2m](https://ibb.co/N994L7W)
Thanks Steve. 🤣
Ha ha ha! I waited for the crash to begin tough, so I had even proof it begun! But I didn't buy the 800$ bundle! Just trying to make logic info I believe in better known. There's even too many who spread any idea they thought overnight. Spreading logic is a try to balance this out! 😂😉👍👍👍
I also forgot a very important point! I didn't cite aunt Betty! LOL 🤣🤣🤣🤣🤣🤣🤣🤣
What does 2M mean.
2month chart. I caps-locked by mistake.
I really don't understand why people are calling this good news. Yeah, maybe for the price, but the fundemental theorie behind it vanishes slowly. Those are paper btc's. They are doing the same with btc as what they did with gold etc. Stop that.
The etfs have to keep actual btc to back deposits
The guy isn’t wrong. The SEC forced these bitcoin ETFs to use a cash redemption model that basically lets them get away with only holding a tiny fraction of bitcoin in a custodial service. They are centralizing bitcoin the same way they centralized gold
They are required to hold what you buy.....no fractional mess like banking.
Who is checking them? We can look into the btc blockchain, but not into their books. Think about it. And after that, do it again.
How do you think they got out of the deep end with genesis being wrapped up in the ftx debacle? They offloaded the losses to retail. This is why we saw huge outflows initially from gbtc right after the etf approvals. Same accounting tricks from the same crooks debasing the dollar stealing your time.
You could be right with no oversight they could be lying, saying they bought the bitcoin when they clearly didn’t. This is why I think the saying is no keys no coin ….🪙
At the end of the day, Bitcoin is a wealth creation machine. The wealthy see it as a lucrative opportunity to make a lot of money. Greed always reigns supreme. It's great for people who are looking to profit off BTC, but you're correct that it's not good for the overall vision of BTC. In saying that, it was inevitable anyway. At the end of the day, "not your keys, not your coins" stands.
That i receive so many downvotes for my comment shocks me. i guess people don't understand the white paper and the reason it became alive. They are just searching for green candles while the fundamental theorie behind the white paper is freedom and the ability to become your own boss of your finances. It really shocks me how humans think about money. Bitcoin is and was never money. It was a tool to free yourself from those who are trying to own bitcoin so hard these days. ETF's are the biggest stupid mistake we are trying to celebrate. Eventually they will dominate the price for bitcoin and it has nothing to do anymore with demand and supply. They are so locked up in fear politics that they even see it anymore. Kinda sad. Those ETF's and SEC don't give a shit about those who are investing in them. The people think they are save with their money on those ETF's and they bring it such a way that it looks all nice and shiny. But the only thing the SEC promises to the people is that the ETF's won't get broke. Read the contracts you sign and learn from the past. It is just one big happy family and you are only allowed to watch when everything falls apart.
>They are doing the same with btc as what they did with gold They made the price go up? Very cool! In all seriousness, you do you. Self-custody and protect yourself. Let other people invest how they see fit.
Didn't Russia just ban Bitcoin 🤔
Russia should ban themselves from the planet.
Sorry but I'm really asking about the nature of such news as everyone here seems so hyped with positivity
Oh sorry I’m just blabbering at my mouth bro. No big deal I apologize.
Because they no the wefblock chain is coming - if true, it’s a great move on behalf of freedom…..go figure
He’s Right!
u guys know this is just for the whales to get exit liquidity. i really hope u do 🤣
The institutions have tons of coins and no one to sell them to. They're creating liquidity to dump.
Priced in. Sell sell sell we go to 0
Sell me your btc
why, did cramer say he feels bullish and bought bitcoin again?
I'll buy
Doubt it...
It's true jp morgan told me
Bllsht! Priced in.. so they pre bought bitcoin trough an not open for trading etf ?
😂😂😂stop the trolling
Time to take profits