GBTC Bitcoin Investment Trust Observer

[hongl3liang]

if I calculated right, they added at least 6500 Xbtc.

[blumangroup]

so did we get confirmation that the 7k buy was legit?

So far, the 7k buy is just the result of jl2012's calculations, but at least it wasn't reversed a few days later like before, so it's more likely it is not a mistake.

Confirmation will come if and when the fund officially lists its total BTC holding, which they seem to do about monthly, I think. Someone correct me please if I'm wrong about that.

All that the buy would mean is that the fund needed to somehow buy additional bitcoin in the past (not an indication that they will need to buy in the future).

[bobabouey2]

I get 6,988 raw, and 6,835 with the adjustment factor.

I still have no idea how they can be prohibited by SEC from letting investors redeem, but can still sell shares.

[jl2012]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

[skivrmt]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

I'd have to double check the letter again from the SEC, but I don't think it said anything about prohibiting buying shares, just selling.  And since they took off the .5% buy fee, maybe people are buying more shares knowing that they might be able to sell later and more easily with the ETF.  All guesses here.

[JorgeStolfi]

I'd have to double check the letter again from the SEC, but I don't think it said anything about prohibiting buying shares, just selling.

That would be quite unusual.  Unless the SEC is worried about the huge loss that some customers would face if they liquidated now.

Earlier this year, SMBIT did promise that an open market for their shares would be available this year (which quarter?).  Perhaps the SEC letter has something to do with that promise?

[wachtwoord]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

Things are starting to heat up again!

[nakaone]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

Things are starting to heat up again!

any info why?

I do understand little of the legal stuff going on in the usa - but did they also plan to start an etf? I remember something like that.

[fewcoins]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

Things are starting to heat up again!

any info why?

I do understand little of the legal stuff going on in the usa - but did they also plan to start an etf? I remember something like that.

That ETF is not even happening in its current form... everyone here on wall st already knows that

[Patel]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

hmmm seems like they always buy a big amount day before price skyrockets

[gotmilk_]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

hmmm seems like they always buy a big amount day before price skyrockets

Yep.. Probably the best indicator which way the price will go 

[jl2012]

-10XBT yesterday. So the 6847XBT on 11 Nov was real

[N12]

-10XBT yesterday. So the 6847XBT on 11 Nov was real

[wachtwoord]

-10XBT yesterday. So the 6847XBT on 11 Nov was real

Indeed, exciting times

[nakaone]

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

[ssmc2]

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.

[notme]

If the data is accurate, 6847 Bitcoin was bought yesterday

(There was a mistake in my previous update)

Things are starting to heat up again!

any info why?

I do understand little of the legal stuff going on in the usa - but did they also plan to start an etf? I remember something like that.

That ETF is not even happening in its current form... everyone here on wall st already knows that

Oh great exploiter of the masses, please tell us why we can not have an ETF?  Would it interfere with your fleecing process?

[JorgeStolfi]

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. 

[wachtwoord]

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. 

Yes, I believe this has been either one or 2 large buyers. That's what this vehicle is for and that's quite exciting

[FNG]

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. 

Yes, I believe this has been either one or 2 large buyers. That's what this vehicle is for and that's quite exciting

Indeed. Because the type of people who invest in secondmarket have deep pocket. In this ridiculously thin market a couple of dozen people with deep pockets competing for coins drive it stratospheric.