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For me, I can't roll over funds until retirement. So, will just have to wait for some additional open end funds to be approved. One important drawback to the futures-based open end fund is its high expense ratio (1.4%).

All the hoopla over the ETF approvals and still the only way to access bitcoin in my 403b is via the futures based BTCFX. Fidelity operates the 403b, but ETFs are not allowed, only open end mutual funds (per employer stipulations). Seems that this will be an issue for a lot of investors, who...

The OTC supply -- seems tantamount to a very large ask size. Is it largely miner inventory?

What doesn't quite add up is the increase in AUM for the new ETFs was greater than the decrease in AUM for GBTC. Why didn't that excess demand positively impact the price of bitcoin?

Does anyone know if open end mutual funds are included in the ETF proposals? It is pretty common for company retirement accounts (401k and 403b) to restrict investments to open end mutual funds, i.e., no ETFs. For instance, BTCFX (bitcoin futures exposure) is accessible in my 403b, but BITO is...

Sounds similar in spirit to what happened at Knight Capital (basically software glitch that went haywire). Well documented here at ET (search in the August 2012 timeframe). Some ETers claim to have made many tens of thousands of $ trading against the wayward software. If I remember correctly...

Wow. Well deserved. Some suggest MSTR will underperform bitcoin just after an ETF approval because some who hold MSTR for bitcoin exposure will move $ out of MSTR and into one of the bitcoin ETFs. I understand that some of that would be offset because MSTR is leveraged to bitcoin. Anyway...

Isn't that plot a technical analyst's dream?

Based on daily returns, the correlation between BTC and SPY over the past 18 months (from 5/25/2022 to 11/24/2023) is 0.40. As a point of comparison, the correlation between SPY and QQQ over the same time frame is 0.95.

Just speculating, but as the halving gets closer (I know, still a ways off), miners are going to need bitcoin prices to double to offset the reduction in mined coins.

For me, the rationale is intertwined. I consider it a good investment because I don't trust the government or the US dollar.

If the good actors don't make the news, how can you conclude that crypto holders are often bad actors?

Thanks for posting the youtube video. I like to see arguments against bitcoin and judge them for myself. The video focused the majority of its time on NFTs, which I agree don't seem to have any long-term value, such that the greater fool theory applies. I think this has always been obvious to...

Not sure about a moment, but as far as characteristics, both have very high stock-to-flow ratios, meaning it is difficult or expensive to mine new gold or bitcoin relative to their current existing supplies. This feature makes gold and especially bitcoin (with an ever-increasing stock-to-flow...

19,075,880,960 is dollar volume, so, using your bitcoin price, roughly $19,075,880,960/$28,013.43 = 680,955 bitcoins traded today.

His father had quite a sense of entitlement: The filing also details emails written by Bankman in which he complained to the FTX US Head of Administration that his annual salary was $200,000, when he was “supposed to be getting $1M/yr.” That grievance was ultimately elevated to his son in an...

The usual approach is to consider the counterparty who pays the spread as the more active trader. The liquidity taker is more active/aggressive; the liquidity provider is more passive. Also, the whale terminology on the buy side suggests it was one buyer. It's less clear, given the wording, that...

Since hard money (like bitcoin) is characterized by low inflation, it results in a lower time preference of money because you don't worry about your money losing buying power. A lower time preference encourages patient capital investment that drives greater economic growth.

Banks down, bitcoin up. That negative relationship is a nice feature.

There is some historical precedent to his viewpoint. Several countries (USA, UK, France, Germany, Italy, Austria) suspended gold convertibility for their currencies to fund World War I. Wouldn't it be much more difficult politically for the U.S. to send $100B to Ukraine if it required spending...