Topic: GBTC Bitcoin Investment Trust Observer - page 77. (Read 262357 times)
more selling - people giving up on bitcoin?! or finding another vehicle to invest in it?
Huh, that isn't good at all. But that's just how things go. We don't know if this has been a single investor or multiple ones. They may be cutting their losses or may be re-investing in BTC they actually hold themselves.
They may be withdrawing coins to a personal address. We don't know 
Huh, that isn't good at all. But that's just how things go. We don't know if this has been a single investor or multiple ones. They may be cutting their losses or may be re-investing in BTC they actually hold themselves.
update
Thanks. I wonder if the dip in btc held could be attributed to people taking control of their own btc. Funny day for such a large drop.We had a substantial drop in BTC held by Second Market but also a rise in price yesterday? That is odd.
"sophisticated investors" "getting out b4 its to late"
unbelievable.
They mainly bought over $300 when we reached a new All Time High and bitcoin market turned bullish. It will happen again if bitcoins manage to go over $1,200, but this seems to take longer than we all expected.
Also stock market is not helping at all. With new all time highs, all the new money is going there.
Wow this is not good 
No, it certainly is not. I especially don't like the implications for future GABI and COIN impact.
(I know, they're not the same type of investment vehicle, but I'm not sure either if they're different enough to make a completely different buying behavior likely at the moment).
I remain long-term bullish, but I am also starting to get myself used to the idea that we could be in for a substantially longer bear market, to the order of another year, of no substantial and lasting price increase.
Let's not put too much into one sale. Could very easily be a single investor taking profits or even just covering his/her initial investment. Really, the lack of new purchasing is what is worrisome. However, even that is not a big issue. The truth is that BTC has always had periods of quiet because most people are momentum investors whether they know the term or not. And so we should not expect much investment right now...instead we should be looking at merchant adoption and use transaction metrics which still look pretty good.
Completely agree. I'm not suggesting to panic sell either, to be clear. Price stagnation didn't kill Bitcoin in 2012, why would it in 2014.
But what I was trying to say is that, until recently, I placed a lot of hope in the big investment opportunities opening up (soon), and I am somewhat re-assessing what I think of them. They will play a role eventually for major price increase, I'm sure, but it might take longer before we are back in an unquestionable uptrend than most of us expected, and only then do I expect them to be fully used to capacity to drive price even higher.
Hence my remark: I am getting myself used to the idea we could go through a longer period of mostly sideways trading.
wasn't SM going to open a new market ( a kind of ETF ) whats happening with that?
Wow this is not good
No, it certainly is not. I especially don't like the implications for future GABI and COIN impact.
(I know, they're not the same type of investment vehicle, but I'm not sure either if they're different enough to make a completely different buying behavior likely at the moment).
I remain long-term bullish, but I am also starting to get myself used to the idea that we could be in for a substantially longer bear market, to the order of another year, of no substantial and lasting price increase.
Let's not put too much into one sale. Could very easily be a single investor taking profits or even just covering his/her initial investment. Really, the lack of new purchasing is what is worrisome. However, even that is not a big issue. The truth is that BTC has always had periods of quiet because most people are momentum investors whether they know the term or not. And so we should not expect much investment right now...instead we should be looking at merchant adoption and use transaction metrics which still look pretty good.
Wow this is not good
It's not good, but SM still holds more BTC than any time before May 2014.
update
Thanks. I wonder if the dip in btc held could be attributed to people taking control of their own btc. Funny day for such a large drop.We had a substantial drop in BTC held by Second Market but also a rise in price yesterday? That is odd.
"sophisticated investors" "getting out b4 its to late"
unbelievable.
I am sure they will regret it later!
update
Thanks. I wonder if the dip in btc held could be attributed to people taking control of their own btc. Funny day for such a large drop.We had a substantial drop in BTC held by Second Market but also a rise in price yesterday? That is odd.
"sophisticated investors" "getting out b4 its to late"
unbelievable.
update
Thanks. I wonder if the dip in btc held could be attributed to people taking control of their own btc. Funny day for such a large drop.We had a substantial drop in BTC held by Second Market but also a rise in price yesterday? That is odd.
Wow this is not good
No, it certainly is not. I especially don't like the implications for future GABI and COIN impact.
(I know, they're not the same type of investment vehicle, but I'm not sure either if they're different enough to make a completely different buying behavior likely at the moment).
I remain long-term bullish, but I am also starting to get myself used to the idea that we could be in for a substantially longer bear market, to the order of another year, of no substantial and lasting price increase.
Wow this is not good
update
Thanks. I wonder if the dip in btc held could be attributed to people taking control of their own btc. Funny day for such a large drop.
update
When do you think that the other funds will go live? People do have very different expectations here, too...
I have read that GABI will start accepting clients next Monday (Sep/01). I have no idea about when and whether COIN will be approved.
Pantera's PBP is already operating. Malta's Exante fund (80'000 BTC) is already operating. I don't know anything else about those or other funds.
(BTW, Jon Matonis seems to be an "evangelist" for the Exante fund, but may not be an owner/investor.)
Huh, so the first party may begin next week... I'll keep my eyes peeled! Umm, why exactly are people speculating whether COIN will be approved? I thought this was more or less a sure thing and only a question of time, and now everyone seems to be worried that they go live at all!
When do you think that the other funds will go live? People do have very different expectations here, too...
I have read that GABI will start accepting clients next Monday (Sep/01). I have no idea about when and whether COIN will be approved.
Pantera's PBP is already operating. Malta's Exante fund (80'000 BTC) is already operating. I don't know anything else about those or other funds.
(BTW, Jon Matonis seems to be an "evangelist" for the Exante fund, but may not be an owner/investor.)
Alright this is good, so the last week has been stable in terms of SecondMarket, and there even have been some buys. A good sign. I wonder whether the buying will increase as soon as the fall kicks in! What do you expect?
Yes, very good indeed to see that "professional/big" investors are remaining confident and watch while many of the inexperienced "traders" are getting culled in the mean time. I wonder whether the Winklevoss ETF will be an even better investment vehicle!
Well, I see it differently: the maximum investment was on Aug/06 (108185 XBT) and it has shrunk a bit since then. It has grown only 2% since May. Their clients do not seem to be "professional/big" investors, but rather moderately well-off individuals, who would rather pay the SMBIT high fees and accept the 6-month lock than buy coins on their own. And they are not buying anymore.
GABI and the other upcoming funds (by Matonis, Winkles, Draper, ...) will be competing with SMBIT to some extent. Will they fare better?
Hmm interesting stance. The price has experienced a wild ride since then, as well. I guess people still don't know whether BTC is over- or undervalued currently! When do you think that the other funds will go live? People do have very different expectations here, too...
Alright this is good, so the last week has been stable in terms of SecondMarket, and there even have been some buys. A good sign. I wonder whether the buying will increase as soon as the fall kicks in! What do you expect?
Yes, very good indeed to see that "professional/big" investors are remaining confident and watch while many of the inexperienced "traders" are getting culled in the mean time. I wonder whether the Winklevoss ETF will be an even better investment vehicle!
Well, I see it differently: the maximum investment was on Aug/06 (108185 XBT) and it has shrunk a bit since then. It has grown only 2% since May. Their clients do not seem to be "professional/big" investors, but rather moderately well-off individuals, who would rather pay the SMBIT high fees and accept the 6-month lock than buy coins on their own. And they are not buying anymore.
GABI and the other upcoming funds (by Matonis, Winkles, Draper, ...) will be competing with SMBIT to some extent. Will they fare better?
Alright this is good, so the last week has been stable in terms of SecondMarket, and there even have been some buys. A good sign. I wonder whether the buying will increase as soon as the fall kicks in! What do you expect?
Yes, very good indeed to see that "professional/big" investors are remaining confident and watch while many of the inexperienced "traders" are getting culled in the mean time. I wonder whether the Winklevoss ETF will be an even better investment vehicle!
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