I truly believe that we are on the cusp of one of the biggest transformations in history. We have all learned now that the reason for this dip is the GBTC selling, and its all right there for everyone to see. I thought I read somewhere that the inflows to the other ETFs have been even bigger than the outflows, so not sure why the price is dropping, but it certainly isn't dropping hard at all. At no other time in history could we get this level of transparency in the financial markets. I think the ETFs are fucking awesome. Sure, people don't own the keys to their coins, but these funds are literally going to hide away a significant number of coins, and thereby increase the price even faster since price is always set at the margins.
But what gets me most excited is that all the banks and financial institutions can't fuck around like they used to. There cannot be any sweetheart deals to paper over problems, etc. Coins have to be purchased and this will obviously show up in the blockchain. Heck, even JPMorgan should be happy because they don't have to worry about finding rocks instead of nickel in a warehouse. But what this means is that the old way of doing business is coming to an end.
One of the things I'm finding out about myself is that I'm in bitcoin for the truth. Yes, "number go up" is awesome, and financial gains are awesome, but when you're forced to have to play by the rules and the truth of transactions is enforced, it will lead to incredible amounts of prosperity. For those who used to get by on rigging the system are going to have to either change their ways, or disappear.
This GBTC selling will eventually end, and I'm even hoping prices go lower to be honest. The last supply shock to hit might be the Mt. Gox coins, and after that, there is literally no supply.
