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Blackrock took 11,500 BTC from Supply in 2 days (Patreon)

Published:
2024-01-13 17:14:35
Imported:
2024-01
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Content

900 Bitcoin are issued daily, and you can see Blackrock's move into their cash supply from last night into Bitcoin, buying the dip. Now, they mostly hold Bitcoin.

The key point is 11,500 BTC were sucked from the system in 2 days by 1 player.

That alone is approximately 13 days of supply.

In addition IBIT only managed an average of 25% of the volume over two days - so we can assume 46K in 2 days was sucked out (yeah I know GBTC impacted this).  Net net, if this pace continues, we're facing a severe supply crunch.

Assuming 11,500 x 4 = 46,000 or 23,000 per day, that's 25.56 times the daily production consumed by US ETFs per day.

Ignore the price fluctuations; this asset is incredibly hard and if this continues we will face an extreme supply crunch.

i forgot to mention in 94 days that becomes 51 days of supply gone.... :D as we go to 450 per day

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Comments

Anonymous

FBTC posted they hold 5290 BTC as of Jan 12th, they havent posted yesterday numbers. https://www.actionsxchangerepository.fidelity.com/ShowDocument/ComplianceEnvelope.htm?_fax=-18%2342%23-61%23-110%23114%2378%23117%2320%23-1%2396%2339%23-62%23-21%2386%23-100%2337%2316%2335%23-68%2391%23-66%2354%23103%23-16%2369%23-30%2358%23-20%2376%23-84%23-11%23-87%230%23-50%23-20%23-92%23-98%23-116%23-28%2358%23-38%23-43%23-39%23-42%23-96%23-88%2388%23-45%23105%23-76%2367%23125%23123%23-122%23-5%2319%23-74%235%23-89%23-105%23-67%23126%2377%23-126%23100%2345%23-44%23-73%23-15%238%23-21%23-37%23-17%23-14%23-98%23123%23-18%2345%23-59%23-82%2367%2383%23112%2317%2370%23-78%2378%23-50%2336%23-86%23-90%2381%23-21%23-119%23-30%23120%2349%2328%23-98%2333%2351%23-78%23-119%23-16%2350%23-58%2350%23102%2348%23-17%2352%23-99%23

Anonymous

why does GBTC not get absorbed by Blackrock, Ark & Co.???

Anonymous

Even if supply crunch, they say that other crypto assets will pump harder still. But how is this possible if the institutional money will only go into bitcoin?

Anonymous

This would drag market cap through roof, eth chases that, and sol definitely chases that.... should drag price of sol through roof also

Anonymous

Market consolidation. Coiled bear trap.

Anonymous

Team! Don’t worry. This is THe calm before the STORM ⛈️

Anonymous

Crunch time! 💎

Anonymous

Can an etf just buy/sell from their own pool of BTC therefore incurring no fees as it's just happening on paper. I don't think it's a rule where the transactions need to be on the Blockchain. They just need to proof they own the underlying asset. And they can add to the pool whenever it dips, call a friend to 'borrow' some BTC to add to the books etc. if only a small volume can affect price so much, they can also just play whale games except that they have a whole team behind their backs and the lowest latency.

Anonymous

Thanks James, patiently waiting for the supply is limited narrative to prove itself

Anonymous

Are they buying direct from the miners or somewhere else? And do we know who and will they disclose that info?

Anonymous

I am officially a whole coiner, thank you James

Anonymous

Go up technology! To the moon people! Yay. 🚀🥂🎉

Anonymous

I wonder what the BTC ETF situation has been like in other countries, such as Japan & HongKong..? (They seem pretty ETF’happy over ther.)

Anonymous

Is it typical for new ETF to trade the very next day?

Anonymous

Oh okay, so that's why Bitcoin's falling.

Anonymous

When the total available supply is mentioned in various supply graphs does this include what the miners are holding? Do we know the total held by miners that might be bought direct OTC by ETFs