This is bound to happen.
It was just the community itself and Bitcoin folks that are into this and wishing that the institutions will join the game and they finally did. Realizing that these things have to happen for Bitcoin to grow more in value.
But it's true that you've said that it seems that majority of the sold Bitcoins are going to them and for their own benefit and that's normal business for them and we'll never know when they're going to sell it all in a blow.
Topic: BTC to Bitcoin ETFs - The ownership are shifting to centralized ownership - page 3. (Read 354 times)
February 13, 2024, 06:24:14 PM
February 13, 2024, 05:21:47 PM
This is an interesting take at ETFs. I have seen almost everyone in favor of Bitcoin ETF and I am sure that it has something to do with how it will affect the price. Right now though since it has only been approved, there might not be as much companies buying bitcoin and they are not yet the ones who hold the most amount of bitcoin.
To us, this might be a great news because these corporations holding bitcoin will definitely drive the price up. We can not do anything regarding this. We can not stop anyone from buying and holding bitcoin. I do wonder if Satoshi expected this to happen. Being the genius he is, I think he did.
To us, this might be a great news because these corporations holding bitcoin will definitely drive the price up. We can not do anything regarding this. We can not stop anyone from buying and holding bitcoin. I do wonder if Satoshi expected this to happen. Being the genius he is, I think he did.
February 13, 2024, 05:02:32 PM
What we can do, is we can't buy the whole BTC supply circulating in the market, and neither we can stop people from selling BTC, they don't know whom they are selling, whether they are on CEXs or are on DEXs, they are just selling and buying without thinking and there is nothing bad in it until they don't consider this fact you talked on. I also know more and more BTC going into the custody of centralized exchanges will mean BTC won't be in the hands of individuals, instead, they will be in the hands of big institutions who will be trading BTC in between. They might not release it in the market.
For example, Grayscale sold BTC and was bought by BlackRock and there are many other examples like of ARK's selling BTC future shares to buy its own BTC spot share (ETF). I mean, this can be used to manipulate the market and that's what is happening till now after the approval.
But what we can do about it, as I aforementioned we can't buy, can't stop, so all we can do is take profit from the shortage of supply and hold onto what we have now, because the way BTC's supply is going I assume BTC is ntoffar away from touching $250k per unit value.
For example, Grayscale sold BTC and was bought by BlackRock and there are many other examples like of ARK's selling BTC future shares to buy its own BTC spot share (ETF). I mean, this can be used to manipulate the market and that's what is happening till now after the approval.
But what we can do about it, as I aforementioned we can't buy, can't stop, so all we can do is take profit from the shortage of supply and hold onto what we have now, because the way BTC's supply is going I assume BTC is ntoffar away from touching $250k per unit value.
February 13, 2024, 03:28:44 PM
right now ETF are not gobbling up much new coin
most of the coin that go into things like fidelity/blackrock/ark came from... wait for it.. [drum roll] grayscale
so basically its one institution shuffling to another institution
most of the coin that go into things like fidelity/blackrock/ark came from... wait for it.. [drum roll] grayscale
so basically its one institution shuffling to another institution
Not true. If you look up some stats, it's actually miners that have been holding bitcoin when it was below 40k sold the ETF news on Jan 12. There's a chart showing coins held by miners, you can look it up, and that decreased by a lot in January, while before that it was growing for months.
For an institution to buy OTC there has to be someone willing to sell OTC and if they're willing to buy over 1k BTC they're not going to contact normal people like us, but mining companies who have the supply to satisfy their demand.
Also, GBTC sells using spot bitcoin exchange, while BlackRock and others buy OTC, so your theory of GBTC selling to BlackRock doesn't hold. If this was happening we wouldn't see such a large negative pressure in January from GBTC because they'd sell everything OTC to other funds.
February 13, 2024, 02:40:20 PM
I do agree with you OP. I was never in favor of ETF at the first place. The amount of money these corporates control, it's very easy for them to position themselves as a dominant player of the market and can control the market as per their wish. Most importantly, the decentralized nature of Bitcoin will be gone with all these centralized invasions.
We are just seeing the beginning of this shift and we really don't know what the future holds. ETF has been approved by the US only. Think what will happen if every major economies start introducing Bitcoin ETF.
We are just seeing the beginning of this shift and we really don't know what the future holds. ETF has been approved by the US only. Think what will happen if every major economies start introducing Bitcoin ETF.
If we look at the situation that was even surrounding the approval of this ETF bitcoin one could actually see manipulation cards been anticipated. My first thought was why did the government that has actually rejected it before simply turned its ears to it, maybe they seemed to see that it is the only chance to have this big institutions trying to get into bitcoin at one place and then probably kill off not just privacy of the investors but also to try and manipulate the market.
Although I still stand that the manipulation wouldn’t be easy as they would hardly control one-third of the coins, but one thing that will definitely help them is the spread of FOMO, it happened when Garyscale started selling there coins off, many follow suit and it affected the market. Personally I am not bothered because this kind of panic are definitely for short term holders, as the market change will affect them.
February 13, 2024, 02:24:01 PM
Let's not forget that more and more coins are going from individuals to centralized platforms. Private ownership and equal distribution of coins are being reduced.
Now for many people this is not a problem, because they are making good profits from the coins that are being gobbled up by the ETFs. I have no problem with that, because ownership of coins should not be restricted, but it is sad to see our coins going into centralized platforms, where people do not have control over the private keys. (The private key are controlled by the trading platform)
It feels to me, like we are selling the keys to our soul and the legacy of Satoshi Nakamoto.
Now for many people this is not a problem, because they are making good profits from the coins that are being gobbled up by the ETFs. I have no problem with that, because ownership of coins should not be restricted, but it is sad to see our coins going into centralized platforms, where people do not have control over the private keys. (The private key are controlled by the trading platform)
It feels to me, like we are selling the keys to our soul and the legacy of Satoshi Nakamoto.
I have accepted one thing about trying to let people understand decentralization, just accept that people are going to do anything that will make them happy irrespective of what you said to them, your option doesn't matter and that's why you see people selling their bitcoin, it's their by the way and they do what they like with it on exchanges they warned them about.
ETF has money, they know it's what many wana be investors of Bitcoin want and that's why the are buying and stocking anyone they got their hands own and you can't blame them, money rules the world. Institutional investors are just clown who want bitcoin but feel native bitcoin isn't something they want to have thier hands own, they prefer to have it inform of ETF, they supply the money because they have it and ETF keep pilling up.
I have learned that what is mine is mine and no one can take that from me and I will hold mine because nobody will have access to it, if the new investors can't keep the Satoshi legacy, we can and it will remain solid if we keep it the conventional way of Bitcoin.
February 13, 2024, 01:42:00 PM
I do agree with you OP. I was never in favor of ETF at the first place. The amount of money these corporates control, it's very easy for them to position themselves as a dominant player of the market and can control the market as per their wish. Most importantly, the decentralized nature of Bitcoin will be gone with all these centralized invasions.
We are just seeing the beginning of this shift and we really don't know what the future holds. ETF has been approved by the US only. Think what will happen if every major economies start introducing Bitcoin ETF.
We are just seeing the beginning of this shift and we really don't know what the future holds. ETF has been approved by the US only. Think what will happen if every major economies start introducing Bitcoin ETF.
February 13, 2024, 01:37:07 PM
right now ETF are not gobbling up much new coin
most of the coin that go into things like fidelity/blackrock/ark came from... wait for it.. [drum roll] grayscale
so basically its one institution shuffling to another institution
most of the coin that go into things like fidelity/blackrock/ark came from... wait for it.. [drum roll] grayscale
so basically its one institution shuffling to another institution
February 13, 2024, 01:22:39 PM
Let's not forget that more and more coins are going from individuals to centralized platforms. Private ownership and equal distribution of coins are being reduced.
Now for many people this is not a problem, because they are making good profits from the coins that are being gobbled up by the ETFs. I have no problem with that, because ownership of coins should not be restricted, but it is sad to see our coins going into centralized platforms, where people do not have control over the private keys. (The private key are controlled by the trading platform)
It feels to me, like we are selling the keys to our soul and the legacy of Satoshi Nakamoto.
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