d_eddie
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Activity: 2646
Merit: 3530
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January 12, 2024, 10:15:45 PM |
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Hey, Looks like the ETF approval hasn't made him wake up, come on, it's time to wake up guys..
Who, Proudhon?
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danadc
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January 12, 2024, 10:16:34 PM Merited by JayJuanGee (1) |
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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/1744860826392047845lol and this? It seems like a favorable move to see how bitcoin rises... I don't know, Rick...
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OutOfMemory
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Activity: 1694
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Man who stares at charts (and stars, too...)
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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.
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BitcoinBunny
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Far, Far, Far Right Thug
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January 12, 2024, 10:29:24 PM |
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Time to load up or time to sing.
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ChartBuddy
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Activity: 2324
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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January 12, 2024, 11:01:15 PM |
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ExplanationChartbuddy thanks talkimg.com
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Wekkel
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Activity: 3108
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yes
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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
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philipma1957
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'The right to privacy matters'
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January 12, 2024, 11:13:54 PM |
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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.
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vapourminer
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Activity: 4480
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what is this "brake pedal" you speak of?
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January 12, 2024, 11:27:45 PM |
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just had a buy pop at ~41.5k
this ETF stuff is like the most awesomest thingie ever..
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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January 13, 2024, 12:01:18 AM |
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ExplanationChartbuddy thanks talkimg.com
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El duderino_
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BTC + Crossfit, living life.
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January 13, 2024, 12:53:22 AM |
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Is this god candle in the room with us?
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philipma1957
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'The right to privacy matters'
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January 13, 2024, 12:59:47 AM |
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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.
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ChartBuddy
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January 13, 2024, 01:01:18 AM |
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ExplanationChartbuddy thanks talkimg.com
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d_eddie
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January 13, 2024, 01:19:11 AM |
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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=reELJVofC3IA thank you goes to @cAPSLOCK for pointing me to it.
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DaRude
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In order to dump coins one must have coins
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January 13, 2024, 01:30:03 AM Last edit: January 13, 2024, 05:56:53 PM by DaRude |
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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=reELJVofC3IA 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
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Biodom
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January 13, 2024, 01:38:53 AM Merited by JayJuanGee (1) |
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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=reELJVofC3IA 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).
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Biodom
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Activity: 3906
Merit: 4379
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Is this god candle in the room with us?
Yes, but it is an invisible one.
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True Myth
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January 13, 2024, 02:00:39 AM Merited by JayJuanGee (1) |
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My degenerate buy orders continue. Thought I was out of powder until next week but, I rallied the troops.
Glad I don't have a S/O to answer to. I imagine it would go something like this:
Me: "No, we can't go to that fancy restaurant you've been asking about. We don't have the money this week."
S/O: *stares silently with arms crossed*
Me: "Yes, I spent all of our left over money this week on a digital coin... no we can't spend it..."
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ChartBuddy
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January 13, 2024, 02:01:16 AM |
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ExplanationChartbuddy thanks talkimg.com
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smartcomet
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some proposals for a new poll:
Which BTC price will be reached first, 50k or 40k?
What is the Bitcoin price at halving date?
What is the highest Bitcoin price until halving date?
Will we have new ATH before halving?
If ETFs keep their pace of 0.6B net flow per day ,it will be 60B in 100 days. So may see ATH before havling. I guess 50K ,70K ,70K ,Yes.
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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January 13, 2024, 03:01:19 AM |
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ExplanationChartbuddy thanks talkimg.com
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