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

[Amphenomenon]

Always do as they do, never do as they say you should do.

Vanguard: "BTC is bad mmkay, it's really volatile, so it's bad as a long term investment"


Meanwhile, Vanguard is number 2 and 3 shareholders of MicroStrategy (15% total) and Coinbase (14% total).

Haha I have been telling a buddy that is very well off to get in for well over a decade and he lost a ton on silver and stocks listening to that retard cramer and I sent him the headline with the etf's and he sent back "maybe that will clamp down the volatility" LOL, I sent back "Hope not, Buy the dips and sell the highs".

But its apparent to me the mainstream is pushing that narrative to the zombies when I heard it from him and you just posted that same coming from vanguard.

I guess that's why doing your own research from a proper source matters, I guess Vanguard will like to buy the dip that's why they made this comment.
Gold, Silver and other stock are better investment than bitcoin while Bitcoin as given better ROI for the past decade than them

ADDED:

The SEC's Gary Gensler reiterated on live cable TV that "Bitcoin is a highly speculative volatile asset that is used for illegal activity."

*Sec as well, well the sheeple get what they deserve

At least better than their forex currency but its annoying when they speak as if Bitcoin is the only currency ever being used for illegal activity what about the dollar that has been existing for ages before Bitcoin and can they literally say Dollar is still not being used for illegal activities till now wonder if anyone has ever asked them this question during an interview or n in the Press

 Seriously I thought they won't be speaking about anything at the moment (guess they are too shameless) because it was shameful for the public to know that the mighty SEC are not privacy and security cautious for their number linking to their twitter (X) account to be gotten from a third party and they not also using 2FA

[OutOfMemory]

Good old volatile times... 
Very appeasing in regards of the SEC.
I do think that this is the correction dump or right side Bart following the recent fake pump.
Does Honey Badger care? 

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[darkangel11]

I do think that this is the correction dump or right side Bart following the recent fake pump.

May look like a Bart, but it's just 2k bitcoin Grayscale dump on Coinbase followed by a leverage liquidation.
Gary knew what he was doing when he demanded cash creation and redemption.

This is different from normal bear market crashes because this money is coming back to bitcoin. It's actually a great opportunity to buy because it's a planned dump where they have to sell to be able to convert their trust. One of the greatest bear traps of all time if you ask me.

[DaRude]

Bitcoin ETFs Drew $655 Million in Net Inflows on Their First Day
As expected GBTC saw $95MM in outflows the first day.
https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/bitcoin-etfs-drew-655-million-in-net-inflows-on-their-first-day-6KdjuBWBe2JyS9XDqvPi

$655MM at $45k/BTC is about 14.500 bitcoins that got sucked into ETF in one day (vs 900 mined [about to become 450 in 3 months but shhh don't tell anyone]). I thank those that are selling now

[d_eddie]

Hey,
Looks like the ETF approval hasn't made him wake up, come on, it's time to wake up guys..

Who, Proudhon?

[danadc]

Bitcoin ETFs were approved and now everyone is wondering why the price dropped to $43k? If they approved you, why didn't it go up? and if they had not approved them, it would still have gone down, these are the things that many ask, but you have to be patient, some what they say is this:

SEC Chair Says Bitcoin Is Centralized After Approving ETFs

Bitcoin descended 6% to $43,500 on Thursday as many investors rotated out of the asset after its highly anticipated ETF launch actually passed.

“Investors, I think, should be aware that the underlying asset is a highly speculative, volatile asset,” said Gensler regarding the ETFs, stressing that the agency does not “approve” or “endorse” Bitcoin.

The chairman expanded on his Wednesday statement explaining the approvals, in which he named “ransomware, money laundering, sanction evasion, and terrorist financing,” among Bitcoin’s alleged use cases. Its alleged use cases as a store of value and medium of exchange, he argued, remain suspect.

Furthermore, while Gensler respects certain innovations with blockchain as an “accounting system,” he claimed that there’s a certain “irony” around approving an ETF for a supposedly “decentralized” system.

    “Think about the irony of those who would say this week is historic,” he said. “Now you can buy [Bitcoin] through this thing called an exchange-traded product that’s, well, centralized.”

Many within the Bitcoin community share Gensler’s view around ETF products, advising followers to hold their own BTC on a personal wallet where possible, rather than with an ETF.

Source: https://cryptopotato.com/sec-chair-says-bitcoin-is-centralized-after-approving-etfs/


It catches my attention because they say Irony, but Irony? What they thought was that by approving the ETFs Bitcoin would rise at once, they were wrong, this doesn't work like that.

Now a big milestone! Did the SEC sabotage it?



Source: https://twitter.com/SenLummis/status/1744860826392047845

lol and this?

It seems like a favorable move to see how bitcoin rises... I don't know, Rick...

[OutOfMemory]

I do think that this is the correction dump or right side Bart following the recent fake pump.

May look like a Bart, but it's just 2k bitcoin Grayscale dump on Coinbase followed by a leverage liquidation.
Gary knew what he was doing when he demanded cash creation and redemption.

This is different from normal bear market crashes because this money is coming back to bitcoin. It's actually a great opportunity to buy because it's a planned dump where they have to sell to be able to convert their trust. One of the greatest bear traps of all time if you ask me.

Totally reasonable, imo.
When i was entering BTC, i was facing a bear trap that made me sell everything again. A few days later i had to enter at a higher price. That was the day my diamond hands were born.

[BitcoinBunny]

Time to load up or time to sing.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[Wekkel]

I do think that this is the correction dump or right side Bart following the recent fake pump.

[...]

Totally reasonable, imo.
When i was entering BTC, i was facing a bear trap that made me sell everything again. A few days later i had to enter at a higher price. That was the day my diamond hands were born.

Lost the most by unplanned selling.

Indeed, only sell with a predetermined plan or .... never sell 

[philipma1957]

And when you thought things couldn't get any weirder your cordless screwdriver starts acting up:

Vulnerabilities on Bosch Rexroth Nutrunners May Be Abused to Stop Production Lines, Tamper with Safety-Critical Tightenings

-> https://www.nozominetworks.com/blog/vulnerabilities-on-bosch-rexroth-nutrunners

Apparently it cost too much to pay a human to check mission critical systems with a analog device now.

*glad I'm not going to be around for this future.

I am lucky 67 all kids are dead.

Just me and the wife.  We had a good amount of fun for years and still have fun now.

If it all collapses in more than 15 years I would be 82 so I caught a break. Compared to most people under 45 at this moment.

[vapourminer]

just had a buy pop at ~41.5k


this ETF stuff is like the most awesomest thingie ever..

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[El duderino_]

Is this god candle in the room with us?

[philipma1957]

just had a buy pop at ~41.5k


this ETF stuff is like the most awesomest thingie ever..

I set my buys a bit too low oh well

40,404
39,398

Maybe we get these.

Maybe not.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[d_eddie]

just had a buy pop at ~41.5k


this ETF stuff is like the most awesomest thingie ever..

I set my buys a bit too low oh well

40,404
39,398

Maybe we get these.

Maybe not.

There's this theory by British Hodl that the big buyers are on the sidelines with a few billions waiting for GBTC to bleed out completely. The commission is 1.5% yearly, while the new ETFs have undercut each other and the cheapest of the lot are at 0.15% - one tenth of GBTC's management fee. So GBTC customers will get out of there to get in some cheaper ETF. The buyers are just waiting for this wave of sell orders to reach a price bottom.

Here's the British Hodl guy explaining this in 17 minutes on YouTube: https://www.youtube.com/watch?app=desktop&v=reELJVofC3I

A thank you goes to @cAPSLOCK for pointing me to it.

[DaRude]

just had a buy pop at ~41.5k


this ETF stuff is like the most awesomest thingie ever..

I set my buys a bit too low oh well

40,404
39,398

Maybe we get these.

Maybe not.

There's this theory by British Hodl that the big buyers are on the sidelines with a few billions waiting for GBTC to bleed out completely. The commission is 1.5% yearly, while the new ETFs have undercut each other and the cheapest of the lot are at 0.15% - one tenth of GBTC's management fee. So GBTC customers will get out of there to get in some cheaper ETF. The buyers are just waiting for this wave of sell orders to reach a price bottom.

Here's the British Hodl guy explaining this in 17 minutes on YouTube: https://www.youtube.com/watch?app=desktop&v=reELJVofC3I

A thank you goes to @cAPSLOCK for pointing me to it.

Who's at 0,15%? Cheapest that i know of is Franklin EZBC at 0,19%
Looks like GBTC had to sell another ~2.000BTC on the 12th or another day of -$88MM outflows, don't have inflow data for the 12th for other ETFs, anyone has a convenient source? There's still over 617k BTC in GBTC hopefully after first week majority would wash trade into other ETFs to save on the fees.

EDIT: Bloomberg is showing -$484,1MM outflow from GBTC on day2 so around -11k coins with inflows to other ETFs staying almost the same as day1

[Biodom]

just had a buy pop at ~41.5k


this ETF stuff is like the most awesomest thingie ever..

I set my buys a bit too low oh well

40,404
39,398

Maybe we get these.

Maybe not.

There's this theory by British Hodl that the big buyers are on the sidelines with a few billions waiting for GBTC to bleed out completely. The commission is 1.5% yearly, while the new ETFs have undercut each other and the cheapest of the lot are at 0.15% - one tenth of GBTC's management fee. So GBTC customers will get out of there to get in some cheaper ETF. The buyers are just waiting for this wave of sell orders to reach a price bottom.

Here's the British Hodl guy explaining this in 17 minutes on YouTube: https://www.youtube.com/watch?app=desktop&v=reELJVofC3I

A thank you goes to @cAPSLOCK for pointing me to it.

That's a "funny" theory.
As Novo explained it...tracking+fee is what matters the most.
If your fee is 0.2%, but your tracking is off 10%, you would not attract anybody.
You have months to decide on this.
The other thing is "crypto bros" are happy to shell out roughly 0.4% for a trade on Coinbase (kraken's are about half of those), which is a 0.8% round trip (on ONE trade).