Bitcoin Price Thread

[themickey]

In Australia, today I exited my crypto ETF, this latest trade of mine only 4 days long, just a short swing trade.
I'm not trusting to hold over the weekend, Thursday being the last trading day of the calendar month.
I'm thinking Thursday USA, will be the last upday thereabouts and topping out.

Just be ultra careful! Here is a chart of Bitcoin shorts. hehehehe.

 

[SunTrader]

Hey John... did you ever read rumours about what caused the huge dip today? ...

Sometimes just plain old selling after a big move. Mentioned yesterday my 1 minute chart had a TDComboSell13 right at that top.

Here is another - TDSeqSell13 overnight @ 1:48am EDT:-

 

[gwb-trading]

I was watching the action, especially on the perpetual futures platform, it was nuts, going up hundreds in seconds, then it crashed, and someone posted the chart that was the Coinbase outage when everyone got spooked

So, now, we know the kinds of shit that TradFi will do to slow down the demand shock supply shock you've been saying for a while

The ETF's are going crazy on the volume, record volume, AGAIN

It's cool, they can't stop it, they can only slow it down with their games

It's insane that Bitcoin will hit ATH before the halving something that has never happened before, can't wait after the halving, things will go even crazier

View attachment 335039

More on Coinbase. The basic lesson is nothing is secure or meets proper financial operational standards in the crypto market.

Coinbase customers are stunned to find accounts WIPED OUT: Boss says 'large surge in traffic' overwhelmed app

• Stunned Coinbase users took to the internet Wednesday to say their balances had been reduced to zero without warning
• According to CEO Brian Armstrong, the outage and glitch with the accounts came after a large surge in traffic on the platform
• The drama came as Bitcoin surged to $63,000 - coming close to its all-time high of $68,991 in 2021

https://www.dailymail.co.uk/news/article-13137249/Coinbase-customers-stunned-accounts-WIPED-OUT.html

(More at above url)

 

[nitrene]

Just poor Software QA. They have infinite money but can't test the matrix of situations? Obviously Armstrong & company don't come from software. When I worked in PharmaIT we had the same problem as well. Companies hate investing in non-sales employees.

 

[long]

Do you think this Coinbase glitch will slow capital flowing into the ETFs? The ETFs are using Coinbase for custody right? I could see confidence in the system dropping.

 

[NoahA]

So, now, we know the kinds of shit that TradFi will do to slow down the demand shock supply shock you've been saying for a while

I am replying to this exact quote again because of what I just saw posted on Twitter....

Now I'm not sure how good her intel is, or how we could even measure what "big OTC desks" even means in terms of all selling participants, but never before in history were we ever able to enforce supply and verify ownership.

And then there is also this....

 

[nitrene]

What's going to happen to he price of BTC if no one sells and there is no supply left for the ETFs? Will the ETFs just become CEFs (closed end funds like what GBTC was before)?

I assume at that point it would go vertical like after a drug company gets FDA approval.

 

[NoahA]

What's going to happen to he price of BTC if no one sells and there is no supply left for the ETFs? Will the ETFs just become CEFs (closed end funds like what GBTC was before)?

I assume at that point it would go vertical like after a drug company gets FDA approval.

Some will always sell, no doubt about that. But what I wonder about is the mechanism for these ETFs. They apparently buy at the end of the day, but how do they hedge their lack of exposure throughout. Suppose you take in $50m over lunch time at a price of $65k, so that is 769 bitcoins you need. But at the end of the day, these OTC desks don't have it, or at nowhere close to that price. I'm sure its all planned for, but it will get wild.

I have no idea if the funds can stop accepting new money, but whatever happens, it will be wild.

 

[maxinger]

Shit! There goes my

Mother-of-all-mega-Tulipmania dream.

Now I have to wait for many months/years/decades

 

[long]

So I ditched Coinbase futures and went to CME. I decided to use the margin funds I have in Coinbase to just buy spot rather than let it sit there. I have a cash balance but available cash says zero. I can’t buy spot. I contacted support and they said it’s a known issue. How many people out there are trying to buy crypto right now with cash but can’t due to this glitch? Is this potentially a major bullish situation? It’s like purchasing is being throttled by the glitch.