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Blackrock IBIT have gobbled up 60,000 BTC in 6.5 weeks

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Vlad

- Record inflows into ETFs! - BTC treasuries buying up more than weekly production! - OTC desks were due to run dry all through this year and hit the supply crunch! - Billionaires and Middle-East rich buying BTC (apparently) - All the weekly demand has been many multiples of the BTC miner production - And Miners are hoarding, not selling! … Any yet price fails to launch upward! What gives? Any other share or commodity and it would have long gone to the moon with this apparent imbalance between Demand vs Supply. Or are we just being too impatient? Looking back over 12 month and YTD and BTC is STILL +98% AND +27% - outperforming QQQ, TSLA and (sadly also) MSTR ☹

RudyForest

Maybe there is a scam underway where BlackRock just isn’t buying the btc. Using options instead. it doesn’t have to give you actual btc does it?

Jules

Exactly. And that very large number doesn't even include the buys for corporate treasuries (like MSTR) and the other ETFs.

nedthebull

But what does it mean James? What does it mean!

Bring Me The Horizon

When I see this, then I see CTO’s video today on upward trend fakeouts, it makes me wonder how these institutions would react to bad actors trying to manipulate markets into an early bear. CZ for example… at some point, putting a lid on the SOL steam pot will eventually backfire I would assume because doesn’t Binance have to replace all their customers SOL one way or another? And if SOL can escape that event horizon and bust out, Binance would be on the hook for any selloffs at high levels? Because correct me if I’m wrong, Binance doesn’t own any Solana, however they somehow are sending Binance customers Solana tokens over to Wintermute which market makers use to raise and lower spot prices artificially? I cannot see how this can remain a sustainable model both legally and by disapproval of Binance customers. And then when does backfire overtime as institutions as well as many people in the crypto market become very un trusting of Binance to use as an exchange? And I would think also people who are benefiting from this with start to feel vulnerable of BNB’s price, knowing at any time further shady practices could be done against its own holders. So in a long winded way, doesn’t this build up fuel for an inevitable, long-term backfire against Binance and in favor of Solana? Couldn’t the Solana foundation be rewarded compensation through some form of legal system from Binance? I just don’t see this being a good long-term play for Binance.

Helmet VonBaton

Is blackrock set to hold more btc than mstr?

Kp monty

When does James finally admit that etfs aren't buying btc but only trading paper?

Vlad

It already does (or supposed to). IBIT should be holding over 802,000 BTC in custody, while MSTR hold 640,031 BTC.

Vlad

Is there a trustworthy audit that confirms IBIT, and for that matter MSTR, holds the BTC they claim to hold?

Bitman

As all else sells they keep stacking!!

Chuck3Putt

Long term whales are tired of waiting for another leg up that might not come. Selling is part of market flow in all assets. Every market, at every price, will have buyers and sellers. This is why I believe the 4 year cycles are changing. Not sure we will ever see another 70% bear market. I'm fine (and prepared) either way, but happy to see adoption moving forward.

HappyHiker_Paul

I don’t think binance sends customer tokens to others.i think its a misunderstanding of wallet flows and the role of each side.