GBTC Bitcoin Investment Trust Observer

[2_Thumbs_Up]

they are massively collecting - why?
I always assume these guys have better information than we do but maybe they only buy because stuff is cheap

Aren't they just basically a means for wealthy investors to get in? Perhaps we're starting to see the beginning of more rich folks transferring wealth into BTC.

The last two buys are deduced from changes in the published total USD value of the bitcoins owned by the fund (TAV  column; "Net Assets" item in their homepage) and the current bitcoin price.  Each estimated buy corresponds, withing the range of error, to a  round 2.5 million USD of investment by clients.  The round numbers and isolated increases may indicate that a single client made both investments. 

I also noticed that both of the buys were done on a Tuesday. So this is possibly one person/entity who is spreading out his buys in order to not raise the price to quickly. So the question is whether he is done or not.

[nakaone]

maybe the wrong place to say it but I assume we see another magintude the second we have good way for common investors to invest in bitcoin.

I think most people here completely underestimate how much money some insitutions and private persons have.

[jzcjca00]

maybe the wrong place to say it but I assume we see another magintude the second we have good way for common investors to invest in bitcoin.

I think most people here completely underestimate how much money some insitutions and private persons have.

The challenge will be how to let the masses know that it's a good idea for Average Joe to hold some bitcoins in an IRA, and (once the EFT exists) that it's easy to do.  I don't expect to see the mainstream media tripping over themselves giving this kind of investment advice!

The thing that's great about the SecondMarket BIT is that there's a sales force actually talking to rich people, convincing them to invest in Bitcoin.  Will the ETF have a sales force?  I expect the Winklevi will get some media splash if and when COIN goes live, but that will only last for a few weeks.  Once the price falls from the next peak, who's going to be pushing Bitcoin then?  Hopefully, SecondMarket BIT will still be doing that!

A great sales tactic might be to say, remember when I suggested last year that you buy our Bitcoin fund, and you weren't interested?  Well it's 10 times the price now, and I expect it to continue to do extremely well.  You should listen to me this time!

Of course, for that to work, they have to be pushing it now!  And the numbers suggest that they haven't been selling much lately.

[ssmc2]

maybe the wrong place to say it but I assume we see another magintude the second we have good way for common investors to invest in bitcoin.

I think most people here completely underestimate how much money some insitutions and private persons have.

The challenge will be how to let the masses know that it's a good idea for Average Joe to hold some bitcoins in an IRA, and (once the EFT exists) that it's easy to do.  I don't expect to see the mainstream media tripping over themselves giving this kind of investment advice!

The thing that's great about the SecondMarket BIT is that there's a sales force actually talking to rich people, convincing them to invest in Bitcoin.  Will the ETF have a sales force?  I expect the Winklevi will get some media splash if and when COIN goes live, but that will only last for a few weeks.  Once the price falls from the next peak, who's going to be pushing Bitcoin then?  Hopefully, SecondMarket BIT will still be doing that!

A great sales tactic might be to say, remember when I suggested last year that you buy our Bitcoin fund, and you weren't interested?  Well it's 10 times the price now, and I expect it to continue to do extremely well.  You should listen to me this time!

Of course, for that to work, they have to be pushing it now!  And the numbers suggest that they haven't been selling much lately.

I would imagine the "sales force" for the ETF will be every broker on the planet 

[JayJuanGee]

maybe the wrong place to say it but I assume we see another magintude the second we have good way for common investors to invest in bitcoin.

I think most people here completely underestimate how much money some insitutions and private persons have.

The challenge will be how to let the masses know that it's a good idea for Average Joe to hold some bitcoins in an IRA, and (once the EFT exists) that it's easy to do.  I don't expect to see the mainstream media tripping over themselves giving this kind of investment advice!

The thing that's great about the SecondMarket BIT is that there's a sales force actually talking to rich people, convincing them to invest in Bitcoin.  Will the ETF have a sales force?  I expect the Winklevi will get some media splash if and when COIN goes live, but that will only last for a few weeks.  Once the price falls from the next peak, who's going to be pushing Bitcoin then?  Hopefully, SecondMarket BIT will still be doing that!

A great sales tactic might be to say, remember when I suggested last year that you buy our Bitcoin fund, and you weren't interested?  Well it's 10 times the price now, and I expect it to continue to do extremely well.  You should listen to me this time!

Of course, for that to work, they have to be pushing it now!  And the numbers suggest that they haven't been selling much lately.

I would imagine the "sales force" for the ETF will be every broker on the planet 

AGREED.  The sales force for BTC is much greater than any one particular entity or one particular set of people who are affiliated with one entity.  Surely, Second Market will do its part, but we also have major players like Coinbase and Bitpay and Circle and others who are engaged in ongoing evangelizing of bitcoin.  Prices may be going up and down and up and down... but when they start going up again, that dynamic is going to cause quite a bit of evangelizing and actual proof of money-making potential (and value appreciation potential)... and even anticipation that the next bubble is NOT the last bubble which many of us who are already familiar with BTC have fairly decent inclinations to understand that BTC likely has at least a couple more 5-10x bubbles in it, and a $1trillion dollar market cap is NOT outlandish to anticipate given the many areas in which BTC will be able to serve to be able to have decent odds of achieving that kind of market cap within the next 3 to 10 years.. and if it is NOT BTC then there will be some similar crypto in which BTC holders would be able to transition into.

[Wary]

04 Nov    + 7,629 BTC   
11 Nov    + 6,847 BTC
18 Nov   another 7K ?

[gotmilk_]

04 Nov    + 7,629 BTC   
11 Nov    + 6,847 BTC
18 Nov   another 7K ?

Since the price is also back to sub 390$ I really wouldn't be surprised to see another big buy 

[nakaone]

maybe the wrong place to say it but I assume we see another magintude the second we have good way for common investors to invest in bitcoin.

I think most people here completely underestimate how much money some insitutions and private persons have.

The challenge will be how to let the masses know that it's a good idea for Average Joe to hold some bitcoins in an IRA, and (once the EFT exists) that it's easy to do.  I don't expect to see the mainstream media tripping over themselves giving this kind of investment advice!

The thing that's great about the SecondMarket BIT is that there's a sales force actually talking to rich people, convincing them to invest in Bitcoin.  Will the ETF have a sales force?  I expect the Winklevi will get some media splash if and when COIN goes live, but that will only last for a few weeks.  Once the price falls from the next peak, who's going to be pushing Bitcoin then?  Hopefully, SecondMarket BIT will still be doing that!

A great sales tactic might be to say, remember when I suggested last year that you buy our Bitcoin fund, and you weren't interested?  Well it's 10 times the price now, and I expect it to continue to do extremely well.  You should listen to me this time!

Of course, for that to work, they have to be pushing it now!  And the numbers suggest that they haven't been selling much lately.

they will probably not need some huge marketing campaign - they will simply explain aka enlighten these people what bitcoin really is. the learning curve is in my opinion one of the greatest barriers to entry. the moment an etf starts they have a monetary incentive to produce high quality campaigns.

I also do not think it will be average joe buying first in but rich to very rich people - their perspective is to stay as rich as they are know. risto ones put it this way - if you are rich you are better off having some bitcoin than not having some bitcoin. I think he is right.

[jl2012]

No change. Update later

[wachtwoord]

The large buys may be related to the fact that you can now invest through a retirement account (if you are accredited):

"Investing in bitcoin through a retirement account is now possible with the Bitcoin Investment Trust as several self-directed account providers now enable accredited investors to invest in the BIT through their IRAs or 401ks. Account providers include Millennium Trust Company, The Entrust Group, among others."

[spiderbrain]

I think most people here completely underestimate how much money some insitutions and private persons have.

+1

[hongl3liang]

another 6300+ bought.
All the three big buys since two weeks ago have some in common.
Every buy is about $2.5 M
all happen at Tuesday

[gotmilk_]

another 6300+ bought.
All the three big buys since two weeks ago have some in common.
Every buy is about $2.5 M
all happen at Tuesday

jl2012... Waiting for you to confirm this 

[coinableS]

another 6300+ bought.
All the three big buys since two weeks ago have some in common.
Every buy is about $2.5 M
all happen at Tuesday

Where do you see 6300+ bought today?

[adaseb]

another 6300+ bought.
All the three big buys since two weeks ago have some in common.
Every buy is about $2.5 M
all happen at Tuesday

Where do you see 6300+ bought today?

Maybe he is talking about the Asian exchanges which usually fake their volume

[2_Thumbs_Up]

another 6300+ bought.
All the three big buys since two weeks ago have some in common.
Every buy is about $2.5 M
all happen at Tuesday

Where do you see 6300+ bought today?

Maybe he is talking about the Asian exchanges which usually fake their volume

No, he calculated it with the formula in the first post and the daily updated numbers from bitcointrust.co.

[hongl3liang]

I calculated with the formula in the first post and the daily updated number.

[gotmilk_]

another 6300+ bought.
All the three big buys since two weeks ago have some in common.
Every buy is about $2.5 M
all happen at Tuesday

Where do you see 6300+ bought today?

Maybe he is talking about the Asian exchanges which usually fake their volume

Hint... read all posts in this thread again.

[gog1]

Looks like another $2+ million USD just flow in base on NAV / share of 37.21 & Net Assets of 48.56

[MoreFun]

another 6300+ bought.
All the three big buys since two weeks ago have some in common.
Every buy is about $2.5 M
all happen at Tuesday

Where do you see 6300+ bought today?

Could be weekly OTC deal with large mining farm.