GBTC Bitcoin Investment Trust Observer

[bobabouey2]

There is now a bid by ATDF for 10'000 shares at 0.01 $/share (0.10 $/BTC).  And also a sell offer by them for 100 shares at 101.00 $/share (1010 $/BTC).

Are they making fun of the market, or what?

Saw that.  If you recall, a while ago there were also some insanely high asks as well.

My guess is that it is either:

1 - Some random guy placed the limit order just for fun, and the broker has to post it.

2 - Someone trying to game some kind of very stupid trading bot (ie a bot that factors in total depth, regardless of size)

3 - Someone hoping to catch a "fat finger" mistake - i.e. someone placing a large sell order and mistakenly marking it as a market instead of a limit order.

This link has a good discussion of using NITBB or NITSO (No Intention to Buy Bid or No Intention to Sell Offer) orders to try and manipulate the price.  But I struggle to see how a bid at a penny would accomplish those goals.  https://stockalyzing.com/stock-trading-school/trading-lesson/2/

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[bad trader]

The volume of GBTC was less than 422 bitcoins today. The market closed at ~300 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~547 bitcoins today.

[Chef Ramsay]

Yeah, we're not exactly seeing a major rush by wall street or pensioners to get in on coins right now. Guess we're gonna need that license to get this brokers and hedge funds buying on a much larger scale.

[BitAddict]

Yeah, we're not exactly seeing a major rush by wall street or pensioners to get in on coins right now. Guess we're gonna need that license to get this brokers and hedge funds buying on a much larger scale.

Well, OTCQX doesn't have a lot of volume itself and GBTC trading way above Bitcoin price doesn't help at all. Buying at $300 or above is just ridiculous.

[phoenix1]

Yeah, we're not exactly seeing a major rush by wall street or pensioners to get in on coins right now. Guess we're gonna need that license to get this brokers and hedge funds buying on a much larger scale.

Wall St are not going to get in on BTC paying 2-2.5% annual fees. Ain't gonna happen. The might try and sell it to pensioners and take their cut on top. But buying these vehicles outright other than just to trade and provide liquidity to clients is not going to happen. They are not fools. More than likely they will start their own ETF's, not buy into another one. That way they can leverage their brand. Perhaps that is why the Winkel's EFT is ont getting cleared 

Wall St is getting in at ground level in second round funding of start-ups with an eye to IPO's - that is where they will make their killing, if they can create a gold rush of IPO's in which they have a stake, hype it, pump it, flog it.

[Cconvert2G36]

Yeah, we're not exactly seeing a major rush by wall street or pensioners to get in on coins right now. Guess we're gonna need that license to get this brokers and hedge funds buying on a much larger scale.

Wall St are not going to get in on BTC paying 2-2.5% annual fees. Ain't gonna happen. The might try and sell it to pensioners and take their cut on top. But buying these vehicles outright other than just to trade and provide liquidity to clients is not going to happen. They are not fools. More than likely they will start their own ETF's, not buy into another one. That way they can leverage their brand. Perhaps that is why the Winkel's EFT is ont getting cleared 

Wall St is getting in at ground level in second round funding of start-ups with an eye to IPO's - that is where they will make their killing, if they can create a gold rush of IPO's in which they have a stake, hype it, pump it, flog it.

For one, GBTC is a pink sheet... the penny shares. Pensioners are the last people you would see jumping into penny stocks (hopefully). Too small for more than a couple of hedge funds to want to dabble in. It still has a 20% premium compared to its underlying, worse than a bitcoin atm. I think the interest on these paper bitcoins is from bitcoiners, ones that want the simplicity of holding them in traditional brokerage accounts.

Joe Blow public looks at a chart, sees an 80% decline after 18 months. The main things they've read are mtgox poofing with $400 mil, and silk road, making them rightfully a little nervous and/or uninterested. 

The big nasdaq, not nordic, is where you might see some real volume in some shares/notes. I've not been overly encouraged by the KnC ETN launch's volume, but then again, it's not a huge market.

At least the exchanges, NYSE with their coinbase investment and now ticker, nasdaq with the private markets settlement pilot, are signaling and showing the SEC they are interested. There is a chance that COIN will launch after bitlicense, then gemini, but there's a lot of ifs there.

Importantly, these tunnels into mainstream investment channels are being built before the next bull run. A bull run that lately appears like it may not happen until the halving, from a lower starting point, if at all.

[Chef Ramsay]

Yeah, we're not exactly seeing a major rush by wall street or pensioners to get in on coins right now. Guess we're gonna need that license to get this brokers and hedge funds buying on a much larger scale.

Wall St are not going to get in on BTC paying 2-2.5% annual fees. Ain't gonna happen. The might try and sell it to pensioners and take their cut on top. But buying these vehicles outright other than just to trade and provide liquidity to clients is not going to happen. They are not fools. More than likely they will start their own ETF's, not buy into another one. That way they can leverage their brand. Perhaps that is why the Winkel's EFT is ont getting cleared 

Wall St is getting in at ground level in second round funding of start-ups with an eye to IPO's - that is where they will make their killing, if they can create a gold rush of IPO's in which they have a stake, hype it, pump it, flog it.

Importantly, these tunnels into mainstream investment channels are being built before the next bull run. A bull run that lately appears like it may not happen until the halving, from a lower starting point, if at all.

Thx for your comments, much obliged. It's really important to showcase these thoughts and I thank you for that. Thanks again.

[elux]

GBTC back(!) over 300 USD/BTC.

[Chainsaw]

I added 25 more to my position today, sellers were seeming to reject any further price movement downwards. Once bidders showed a willingness to move back up to the Asks, I felt confident enough we'd set our bottom.

[bobabouey2]

I added 25 more to my position today, sellers were seeming to reject any further price movement downwards. Once bidders showed a willingness to move back up to the Asks, I felt confident enough we'd set our bottom.

Yep, I placed a couple of bids that were quickly topped.

[bad trader]

The volume of GBTC was less than 476 bitcoins today. The market closed at ~326 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~455 bitcoins today.

[bad trader]

The volume of GBTC was less than 282 bitcoins today. The market closed at ~331 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~681 bitcoins today.

[bad trader]

The volume of GBTC was less than 487 bitcoins on Friday. The market closed at ~331 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~643 bitcoins on Friday.



The GBTC market was closed for Memorial Day on Monday.

The volume of Bitcoin Tracker One was ~454 bitcoins on Monday.

[Chef Ramsay]

I remember reading certain articles of many wall streeters saying that every white board along their block has bitcoin on it so I suspect they're all waiting on this bitlicense to come on board before any serious considerations/actions will be taken by these types when it comes to purchasing on certain exchanges or dealing w/ any ETFs. Then, boom! What we see now are baby steps testing things out.

[bad trader]

The volume of GBTC was less than 112 bitcoins today. The market closed at ~331 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~756 bitcoins today.

[coinableS]

The volume of Bitcoin Tracker One was ~756 bitcoins today.

What does that translate to for price per bitcoin with tracker one? Is that the Swedish Krona at 10?

[bad trader]

What does that translate to for price per bitcoin with tracker one? Is that the Swedish Krona at 10?

price_per_share × 200 + fee = price_per_bitcoin ≈ 2000 SEK

Here are USD prices calculated by hprna:

day 1 history : 949 BTC (189783 shares) traded at 232.84$
day 2 history : 546 BTC (109376 shares) traded at 232.6$
day 3 history : 455 BTC (90988 shares) traded at 232.2$
day 4 history : 681 BTC (136233 shares) traded at 235.95$
day 5 history : 643 BTC (128618 shares) traded at 237.21$
day 6 history : 453 BTC (90759 shares) traded at 237.21$
day 7 history : 756 BTC (151238 shares) traded at 236.8$

[bad trader]

The volume of GBTC was less than 40 bitcoins on Wednesday. The market closed at ~316 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~431 bitcoins on Wednesday.



With only 404 shares traded, it almost looks like the GBTC traders were unable to find the market.

[Fiat_Hodler]

The volume of GBTC was less than 40 bitcoins on Wednesday. The market closed at ~316 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~431 bitcoins on Wednesday.



With only 404 shares traded, it almost looks like the GBTC traders were unable to find the market.

How about they lower their sale price... Its a freaking rippoff...

[bad trader]

The volume of GBTC was less than 111 bitcoins on Thursday. The market closed at ~341 dollars per bitcoin.



The volume of Bitcoin Tracker One was ~360 bitcoins on Thursday.