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

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[cygan]

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ivomm]

Grayscale deposited 14,487 $BTC($579M) to #CoinbasePrime and 4,750 $BTC($189.8M) to new wallets again 10 mins ago. #Grayscale has deposited 93,700 $BTC($3.85B) to #CoinbasePrime since the #ETF was passed. And currently holds 519,399 $BTC($20.84B).
https://twitter.com/lookonchain/status/1750167124150993345
https://platform.arkhamintelligence.com/explorer/entity/grayscale

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The question no one is raising is whether the transfer of Bitcoins from Grayscale to Coinbase Prime constitutes a mandatory sale, and what type is it? To the best of my knowledge, coinbase prime is not an exchange in its own right, but rather a licensed custodian and seller of bitcoins. They use several exchanges when selling and buying, I guess Coinbase, Kraken, etc. We see 15K bitcoins going into coinbase prime every day. But are they all for sales? It strikes me that since the drop below 40K the trading volume on Coinbase is quite low - about 25K bitcoins in 24 hours, something that was before the ETF. This means that no major selling has actually occurred from Coinbase Prime. Whether the ETF allows to request a limit sale - at a certain price, I do not know, I have never worked with an ETF. Or, there is a possibility that they are not currently for sale, but that Grayscale expects such sales in the coming days and is preparing. There is also a considerable part transferred to new addresses. What's going on with Grayscale is suspicious, to say the least. Apparently they are trying to lie to the SEC that Genesis is not bankrupt by inducing sales to cover their liabilities. Whether they will succeed is rather doubtful. Practically every company which went bankrupt - FTX, Alameda, etc., was involved with Grayscale, to say the least. Some even claim that they went bankrupt thanks to Grayscale and Genesis in particular. Everything is described in detail in this long thread: https://twitter.com/real_vijay/status/1721385528510251182 . At any moment, the SEC could end its investigation and charge them with fraud and manipulation and shut down their company and their ETF. Maybe that's why Barry is keeping quiet and letting the bitcoins drain from his trust.

[Biodom]

At any moment, the SEC could end its investigation and charge them with fraud and manipulation and shut down their company and their ETF.

Or, maybe you just make s-t up...I wonder what is more likely?

[sirazimuth]

....

Or, maybe you just make s-t up...

Don't be silly. Nobody makes shit up on the intertoobz.

[ivomm]

At any moment, the SEC could end its investigation and charge them with fraud and manipulation and shut down their company and their ETF.

Or, maybe you just make s-t up...I wonder what is more likely?

Well, be angry with the authors of twitter threads who expose fraudsers and have facts. But it is easier to bury your head in the sand and deny all, I guess 

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[JayJuanGee]

Short squeeze in the making or the beginning of hugely depressing spring/summer?
(wondering for a friend ofc)
Edited to add: Had to sell a tiny bit to pay insurances, so it could resume uppity now any moment.

The needing to sell a bit for some "extra" expenses seems like it should have been in the upper $40s, not in the upper $30s..
#justsaying

Thanks for pointing that out, it already began to dawn upon me but now I know for sure..
Then again, when the invoices start to change colors so to speak you can't wait any longer for the squiggly lines to please ones desires and wishes.

Though seriously, in the past it worked more often than not to wait as long as possible to sell for basic needs (a mandatory insurance is not exactly an "extra" expense in my book).
And I'd like to quote Jimbo here in my defense  (IIRC, apologies if I'm attributing this wrongly to him) : "Buy if you can and sell if you have to" and it was clearly a "have to" moment.

Remembering for what I buyed the sats I sold yesterday I'd like to quote the lil doggie too: "This is fine".

Let's say for example if we have an average cost of $1k per BTC or maybe even way less, as Jimbo proclaims to have something like 2 digits on his average cost, but anyhow, for the ease of illustration and maybe even to help guys to relate a bit, then maybe if you are currently around 40x in profits and in the whole scheme of things, it does not make very much difference if you ended up selling some of those coins in 39x profits or if you could have had gotten 49x in profits.

[DaRude]

Grayscale deposited 14,487 $BTC($579M) to #CoinbasePrime and 4,750 $BTC($189.8M) to new wallets again 10 mins ago. #Grayscale has deposited 93,700 $BTC($3.85B) to #CoinbasePrime since the #ETF was passed. And currently holds 519,399 $BTC($20.84B).
https://twitter.com/lookonchain/status/1750167124150993345
https://platform.arkhamintelligence.com/explorer/entity/grayscale

-----------

The question no one is raising is whether the transfer of Bitcoins from Grayscale to Coinbase Prime constitutes a mandatory sale, and what type is it? To the best of my knowledge, coinbase prime is not an exchange in its own right, but rather a licensed custodian and seller of bitcoins. They use several exchanges when selling and buying, I guess Coinbase, Kraken, etc. We see 15K bitcoins going into coinbase prime every day. But are they all for sales? It strikes me that since the drop below 40K the trading volume on Coinbase is quite low - about 25K bitcoins in 24 hours, something that was before the ETF. This means that no major selling has actually occurred from Coinbase Prime. Whether the ETF allows to request a limit sale - at a certain price, I do not know, I have never worked with an ETF. Or, there is a possibility that they are not currently for sale, but that Grayscale expects such sales in the coming days and is preparing. There is also a considerable part transferred to new addresses. What's going on with Grayscale is suspicious, to say the least. Apparently they are trying to lie to the SEC that Genesis is not bankrupt by inducing sales to cover their liabilities. Whether they will succeed is rather doubtful. Practically every company which went bankrupt - FTX, Alameda, etc., was involved with Grayscale, to say the least. Some even claim that they went bankrupt thanks to Grayscale and Genesis in particular. Everything is described in detail in this long thread: https://twitter.com/real_vijay/status/1721385528510251182 . At any moment, the SEC could end its investigation and charge them with fraud and manipulation and shut down their company and their ETF. Maybe that's why Barry is keeping quiet and letting the bitcoins drain from his trust.

Coinbase is the custodian for 8 out of the 10 ETFs, so little surprise that they don't move money between their own accounts on the blockchain. For the other stuff to be true Coinbase needs to directly collaborate with DCG on an obvious scam that a 5yr old can prove, so extremely unlikely.

[Hueristic]

[DaRude]

Isn't water in Boston Harbor salty?

[WatChe]

Let's say for example if we have an average cost of $1k per BTC or maybe even way less, as Jimbo proclaims to have something like 2 digits on his average cost, but anyhow, for the ease of illustration and maybe even to help guys to relate a bit, then maybe if you are currently around 40x in profits and in the whole scheme of things, it does not make very much difference if you ended up selling some of those coins in 39x profits or if you could have had gotten 49x in profits.

Whales are called whales for a reason. They are the one who put there money and trust in Bitcoin when others were laughing on this new discovery. They are called Whales today because they bought Bitcoin at lower prices and are now ruling the market.
Those who have bought Bitcoin at average price of 1000$ or 2 digit and still HODLing have patience in true sense. I even have a person in my circle who is HODLing and will sell only when Bitcoin touch 100k$.
Those who are new to the market like me should not lose heart. There are still ample opportunities when we can buy Bitcoin at lower prices.

[Imbatman]

This to and fro movement the market is experiencing is annoying
Just fall if you want to or rise if you want to.
Let's skip all this drama.

You want my name don't you? 

[bitcoinPsycho]

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[BitcoinBunny]

I love when people say "But Bitcoin isn't backed by anything"

As opposed to either criminal or hypocritical woke enterprises backed by dumb share holders?
Enterprises that couldn't run a fucking bath?

Look at the uselessness of the likes of Disney and Royal Mail these days.

Utterly pathetic.

Their shares should be below zero these days to show the companies' true valuations.  

And was Twitter really worth $45 billion?!  

Most of the staff was completely unnecessary.

Who the fuck is going to buy a $3500 VR headset from Apple?! It probably costs a Chinese slave 100 bucks to make.


"Not backed by anything" !

GTFO!

[OROBTC]

...

ZeroHedge had an interesting article yesterday re the many, many bad problems in China.  The demographics and the debts & corruption are getting are very bad, and getting worse.  The most interesting part of the article to me was the last sentence (and I shorten and paraphrase):

"The rich in China may start moving into assets like gold, silver, art and Bitcoin"   <=== In order to avoid wholescale confiscations.

My take is, well yeah, OK, but it is already a bit hard for Chinese residents to buy BTC (I think it is now illegal again).  Gold (etc.) is difficult to get out of China (scanners at the airport, etc.).  So while the sentiment among the very-wealthy of China may be to get into off-grid assets, I have my doubts if those rich Chinese can massively affect BTC and gold prices...  If I am wrong, well gold may yet reach $5000 - $10,000 (per oz) and BTC reach $100,000 - $200,000 relatively quickly (higher?).

So, if China starts going down hard, and the rich start securing their assets as mentioned, then that is good news for HODLers!

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[OgNasty]

Sorry I didn’t post it, hopefully someone else did. Last week before the crash mtgox sent out another email confirming exchange information to prepare for the distribution of Bitcoin to creditors. This to me is the last step before BTC will be distributed. As such, I assume the selling we’re seeing is people getting in front of the gox distribution.