SpaceX is still holding 18,712 bitcoins!

[BlackHatCoiner]

There was a lot of anticipation that, with so many companies holding Bitcoin in one way or another, a supply shock would occur that would send the price skyrocketing.

There are more than 6 million bitcoin in OG wallets, that are waiting for Strategy and Blackrock to buy them over-the-counter. A supply shock makes sense if OTC trades' volume gets tightened, and they need to buy using a public orderbook. Until most of the OG wallets are emptied, there will probably not be a supply shock.

But so far, that hasn't happened; on the contrary, the price performance since the launch of Bitcoin ETFs and all this institutional adoption has been disappointing.

I wouldn't say disappointing. It's just bitcoin being bitcoin. It's up by ~61% since the launch of the IBIT ETF, this is not bad.

[Catenaccio]

There are more than 6 million bitcoin in OG wallets, that are waiting for Strategy and Blackrock to buy them over-the-counter. A supply shock makes sense if OTC trades' volume gets tightened, and they need to buy using a public orderbook. Until most of the OG wallets are emptied, there will probably not be a supply shock.

OG wallets can be lost wallets and even those OGs still have access to their wallets and bitcoins, it's still challenging for Strategy and BlackRock to get most of these coins. With Bitcoin ogs and whales, they can simply sell small part of their portfolios and it's enough in money to enjoy their lives. Likely most of Bitcoin OGs don't have need of selling all their bitcoins, and it's biggest challenge for Strategy, BlackRock and other Bitcoin Spot ETFs.

I agree that with time, the available bitcoins in OTC market will become less, as there will be less new bitcoins appears from mining, and Bitcoin OGs will have less bitcoins for selling in the future.

[bbc.reporter]

I’m a little disappointed that Elon stopped buying Bitcoin years ago. He had the opportunity to be Saylor lite. I don’t think he believes in Bitcoin that much, he isn’t exactly full of conviction.

This is very headshaking because he has decided that his companies hold more bitcoin than the combination amount of the small minnows of this forum heheheh.

Also, he does not follow a similar roadmap and strategy as Michael the Saylormoon who soon might become Michael Sellor because his original roadmap might not be sustainable.

[yhiaali3]

It appears that the event is being heavily promoted, as I read on Cointelegraph that Binance is launching perpetual contracts linked to SpaceX ahead of its initial public offering. The new pre-IPO futures product from the cryptocurrency trading platform allows traders to speculate on SpaceX's expected valuation in the public markets before its shares begin trading on official exchanges, and it is settled using USDt.

But overall, I don't think this news will have any major impact on the crypto market in general and Bitcoin in particular. Elon Musk no longer has that magic wand to manipulate Bitcoin.