Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[ChartBuddy]

Coin
Explanation

[1715236801]

1715236801

[1715236801]

1715236801

[lemmyK]

If we get a break up I would be shocked if it doesn't pass $250. A lot of the resistance has "disappeared"

There also was about 4000 BTC between 258 and 260. That has been cut in half today.

   

[DieJohnny]

Can someone explain to me GBTC owns X number of BTC, they provide X shares of BTC which trade at 2X btc price.

How does GBTC impact in any way the market price of BTC, they don't buy more BTC, do they have plans to add to their BTC holdings?

I get that over a 20 year period GBTC would be nice from a tax perspective, but other than that who cares......? why is GBTC even interesting for broader BTC world?

[ChartBuddy]

Coin
Explanation

[old fart]

Can someone explain to me GBTC owns X number of BTC, they provide X shares of BTC which trade at 2X btc price.

How does GBTC impact in any way the market price of BTC, they don't buy more BTC, do they have plans to add to their BTC holdings?

I get that over a 20 year period GBTC would be nice from a tax perspective, but other than that who cares......? why is GBTC even interesting for broader BTC world?

As far as I'm concerned GBTC is too small to matter. It doesn't affect anything.

[Ezmoneyezlife]

Can someone explain to me GBTC owns X number of BTC, they provide X shares of BTC which trade at 2X btc price.

How does GBTC impact in any way the market price of BTC, they don't buy more BTC, do they have plans to add to their BTC holdings?

I get that over a 20 year period GBTC would be nice from a tax perspective, but other than that who cares......? why is GBTC even interesting for broader BTC world?

Nobody is actually interested - gbtc project's owners are just buying their own shares from themselves mostly hoping some idiots gonna buy their 2x overpriced shit instead of btc itself. Market is bored and barely holding from falling to sub 200$ levels which is inevitable due to incoming last auction, but market makers are just waiting for auction date announcement from USMS to start funny game called long squeeze.
Anyway, this is the thread of permasteers so lets forget about it and almost 0 reaction for all of those good news (reaction for swedish "nasdaq" crap will be the same), but who cares?

[Specular]

Can someone explain to me GBTC owns X number of BTC, they provide X shares of BTC which trade at 2X btc price.

How does GBTC impact in any way the market price of BTC, they don't buy more BTC, do they have plans to add to their BTC holdings?

I get that over a 20 year period GBTC would be nice from a tax perspective, but other than that who cares......? why is GBTC even interesting for broader BTC world?

As far as I understand it, GBTC is interesting because it is the first "BTC tracking" security on public markets (meaning that anyone can theoretically add BTC to their IRA, Pension fund etc).

That being said, it has been a pretty amateur-hour debut - with low volume, high spreads and a price that is 2x the underlying value (each share of GBTC is backed by .1 BTC). The only way that GBTC can get more Bitcoin into the fund is if accredited investors buy GBTC shares directly from the company that manages the fund. The only way that more GBTC shares can make it to the Over-The-Counter market where it trades is for the shares to be held by these accredited investors for at least 12 months, then deposited with their broker and traded.

It seems that there exists a ridiculous arbitrage for those who hold GBTC shares that are 12 months or older (sell for $49 - $490 per BTC effectively - then buy more GBTC shares directly from the corporation @ roughly 24.30 + fees). Yet, no one appears to be taking advantage of this for some reason (perhaps there are not enough 12 month old Holders)...

If this was a regular ETF, the manager would buy/sell a large pool of BTC to accommodate the inflow of $ as people buy and cell the ETF (just like any ETF).

[YEAROFBULL15]

Here we go!

[Morecoin Freeman]

SOMEONE TURNED UP THE VOLUME YO

[podyx]

wtf

[ErisDiscordia]

there goes the stability..

[Wandererfromthenorth]

And there you have it, the big move.

This move should be big.

If it breaks down, go all in short. If it break up, go all in long




Hopefully in a few hours we have the verdict (if not we'll have to wait until tomorrow, booooring)  

[nanobrain]

7K dump on Finex...what happened to all that bullishness?

[UnholyTrinity]

Inca, this is what always happens beore the short squeeze, right? Can you confirm? Should i add more longs? PLZ response quick! I´m startting to get a bit worried???   

[podyx]

7K dump on Finex...what happened to all that bullishness?

I'm thinking it's maybe a fakeout

[Cconvert2G36]

Still bored errybody?

[adamstgBit]

 

[Morecoin Freeman]

Finally some action again. Love it.

[Walsoraj]

Calling it: incoming china ban.

[nanobrain]

7K dump on Finex...what happened to all that bullishness?

I'm thinking it's maybe a fakeout

Isn't everything to do with BTC fake?