They want to buy 5000 BTC for 350$ each!

[WiiD]

If that is'nt bullish, I don't know what it need else.

[1715116260]

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[1715116260]

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[Morecoin Freeman]

Fair deal. Only thing I do not understand is why they don't buy on bitfinex. There are 5000 btc offered between $220 and $240.

[WiiD]

Fair deal. Only thing I do not understand is why they don't buy on bitfinex. There are 5000 btc offered between $220 and $240.

I guess, they are big investors and they don't trust Bitfinex with such large amounts after the Mt.Gox-thing.

[gentlemand]

Fair deal. Only thing I do not understand is why they don't buy on bitfinex. There are 5000 btc offered between $220 and $240.

A fair few are probably compleletey prohibited from buying on such a sketchy and shaky platform. It looks kinda fancy on the surface but it could vapourise at any second taking everything with it.

[Biodom]

Come on, all these bids are simply faking by brokers. They do it all the time. Try to hit a large bid on nasdaq and it disappears after giving you 100 shares.

[Morecoin Freeman]

Fair deal. Only thing I do not understand is why they don't buy on bitfinex. There are 5000 btc offered between $220 and $240.

I guess, they are big investors and they don't trust Bitfinex with such large amounts after the Mt.Gox-thing.

Yea I think so too. Still that is a lot of money just for security and convenience.

Anyone know when this trading will go live?

[bassclef]

Fair deal. Only thing I do not understand is why they don't buy on bitfinex. There are 5000 btc offered between $220 and $240.

I guess, they are big investors and they don't trust Bitfinex with such large amounts after the Mt.Gox-thing.

These guys want the paper Bitcoin derivitave which is what GBTC is. They want to make money by being liquidity providers of this paper by selling it to their existing customers and any new investors who desire safe (ie regulated) Bitcoin price exposure in their investment portfolios. But they need to buy it first which is what we are seeing here.

[phoenix1]

If it's genuine, sure, it's bullish

After yesterday's events on BTC-e I can honestly say I have no idea what is genuine or not at the moment.
Could both events be linked? And both an attempt to trigger a short squeeze without spending too much money?
Too cynical? Or just wary?!

Either way, about the only things the bears have in their favour at the moment is that the squeeze has not triggered ... yet. If it does ... BOOM !!

If it's a co-ordinated pump there is certainly serious intent behind it.

Interesting coincidence that the buying was on the most illiquid platform, seemingly designed for maximum impact/uncertainty, and this bid is in what will likely be an illiquid instrument, that is *possibly* not tradeable at the moment ... hmmmm ... Bitcoin!!

[Biodom]

If it's genuine, sure, it's bullish

After yesterday's events on BTC-e I can honestly say I have no idea what is genuine or not at the moment.
Could both events be linked? And both an attempt to trigger a short squeeze?
Too cynical? Or just wary?!

Either way, about the only things the bears have in their favour at the moment is that the squeeze has not triggered ... yet. If it does ... BOOM !!

If it's a co-ordinated pump there is certainly serious intent behind it.

Interesting coincidence that the buying was on the most illiquid platform, seemingly designed for maximum impact/uncertainty, and this bid is in what will likely be an illiquid instrument, that is *possibly* not tradeable at the moment ... hmmmm ... Bitcoin!!

my read is the owners of bitcoin associated with GBTC are buying bitcoin on exchanges for $215-226 while preparing to dispose of it on OTC. As a result, they will have the same # of bitcoins and lock in a tax loss. Since bitcoin and GBTC are technically different entities, wash sale rule is probably not applicable. From a point of view of brokers-I have no idea what compels them to bid at a 36% premium.

[inca]

If it's genuine, sure, it's bullish

After yesterday's events on BTC-e I can honestly say I have no idea what is genuine or not at the moment.
Could both events be linked? And both an attempt to trigger a short squeeze without spending too much money?
Too cynical? Or just wary?!

Either way, about the only things the bears have in their favour at the moment is that the squeeze has not triggered ... yet. If it does ... BOOM !!

If it's a co-ordinated pump there is certainly serious intent behind it.

Interesting coincidence that the buying was on the most illiquid platform, seemingly designed for maximum impact/uncertainty, and this bid is in what will likely be an illiquid instrument, that is *possibly* not tradeable at the moment ... hmmmm ... Bitcoin!!

Literally the only thing bears have going for them is the 'line on a chart points down'. If 160 was the bottom then there will be some very surprised shorters in the next few weeks

[darkangel11]

Maybe they were the ones buying on Btc-e yesterday. 

[alani123]

Fair deal. Only thing I do not understand is why they don't buy on bitfinex. There are 5000 btc offered between $220 and $240.

I guess, they are big investors and they don't trust Bitfinex with such large amounts after the Mt.Gox-thing.

Bitfinex is not the only exchange with big liquidity, other exchanges like OKcoin have VIP accounts with smaller fees and secure fund handling.

Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. It enables investors to gain exposure to the price movement of bitcoin without the challenge of buying, storing, and safekeeping bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.

Each BIT share represented ownership of 0.1 bitcoins initially. The trust will not generate any income and regularly sells/distributes bitcoins to pay for its ongoing expenses. Therefore, the amount of bitcoin represented by each share gradually declines over time.

http://www.otcmarkets.com/stock/GBTC/profile

That actually sounds like a really inconvenient way to invest in the price of bitcoin and it probably targets investors that are naive to the technology itself.

[minerpumpkin]

This is really puzzling. So either those bids aren't real and only placeholders of some sort, which get pulled before the trading starts, or there's really an incredible demand for those shares. I'd actually do get it if there was some decent buying pressure due to this being an actual ETF and not some unregulated exchange, but that markup of 60-70% really is mezmerizing!

[jaberwock]

Maybe they were the ones buying on Btc-e yesterday. 

I doubt it.

Maybe the big buys from yesterday were from people that are hoping to sell for them or other big buyers for a big premium?

[minerpumpkin]

Maybe they were the ones buying on Btc-e yesterday. 

I doubt it.

Maybe the big buys from yesterday were from people that are hoping to sell for them or other big buyers for a big premium?

The people placing the bids for GBTC want to buy shares of the ETF. If you buy coins on BTC-e, Bitfinex, Bitstamp, wherever, you can't just "transfer" them to the ETF, it doesn't work that way. The only thing that would make sense is if those people buying on BTC-e were sure that the price will skyrocket once the trading commences, in order to sell again on BTC-e, or wherever.

[btcfaucet.us]

fake bid

[bounst]

market depth too shallow? or that is a limit order with fake?

[WhatTheGox]

If that is'nt bullish, I don't know what it need else.

Im looking at it live at the site now, maybe this is whats helping the market recently.  Is kinda confusing that people are willing to pay so much to not deal with other exchanges.

[gotmilk_]

If that is'nt bullish, I don't know what it need else.

Im looking at it live at the site now, maybe this is whats helping the market recently.  Is kinda confusing that people are willing to pay so much to not deal with other exchanges.

What did you expect? Exchanges can close down tomorrow...
I expect first few trades will be above 40$ per share.

[Elwar]

Does GBTC make it possible to convert your 401k to bitcoins?