whales are still locking the price below certain spot price levels to not hurt their futures contracts until they conclude
they dont want it exceeding 47k the last few days
That's true.
Then there's Grayscale that blocked their buy option yesterday because they had to sell GBTC shares on Coinbase first.
Not to mention Vanguard that decided to ignore the SEC and not allow users to get bitcoin exposure because their dead founder did not like bitcoin...
Then there's BlackRock that hasn't really used their funds yet. IMO they have a lot of buyers standing in line but are advising them to buy slow to keep the price lower for longer. If they went in with 500m right now bitcoin would probably go to a new and start a FOMO rally from retail, meaning bye bye cheap bitcoin and bye bye opportunity to make fast profit.
- That's probably normal because the big companies that are approved for the spot bitcoin ETF have the capability to manipulate the market somehow; that's the purpose of the spot ETF, if I'm not mistaken.
But of course, let's see what can happen in a few months. Since not all companies approved by the SEC have yet purchased Bitcoin to hold it, no final allocation has been made for it. Because if all those companies have bought bitcoin, there will be an increase in the price of bitcoin in the market.
