Is the crypto winter over?

johnarb said:
Yea, that's a crazy move up and down, but it's all good as long as btc maintains above 48k until market open in 9 hours



Yea, GBTC selling will probably continue but it has slowed down a lot and some are not going to sell and pay a big tax bill just to move and save 1.25%/yr which will take them over 10 years to make up for
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This is just a wave hi to johnarb, hehe hoho, feeling a bit spritely. Remember! As QQQ goes, so does BTC it seems!

There' a song for that...Ug...
 
johnarb said:
Yea, that's a crazy move up and down, but it's all good as long as btc maintains above 48k until market open in 9 hours
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It was way too easy the last 5 days. No friggin' way they (the big money) will make it that easy for retail traders going forward IMO. Either way, good luck.
 
schizo said:
It was way too easy the last 5 days. No friggin' way they (the big money) will make it that easy for retail traders going forward IMO. Either way, good luck.
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Although I agree with you, I'm ready to scale in on my BITX lower and lower. The lower they push it, the happier I am. Yes, I will run out of money to scale in eventually, but what is most painful to me is it not dropping.

Now am I representative of the majority? I don't know. But I just don't think there is any way to keep bitcoin price down until at least ATH's or the halving. Until then, I think its up only. So the biggest way to screw the most people is to just run it up in a straight line. I think too many people are hoping to scale in. When we broke above 32k, there was no re-test. This was after 6 months of consolidation from about April to October. Imagine waiting for a re-test of the 32k high that never came. Now its just running and running. The 20% drop after ETF approval caught many offguard maybe, and also didn't hit low enough for others. But I think too many people are hoping for lower prices to go long, and that is why it won't happen.
 
NoahA said:
Although I agree with you, I'm ready to scale in on my BITX lower and lower. The lower they push it, the happier I am. Yes, I will run out of money to scale in eventually, but what is most painful to me is it not dropping.

Now am I representative of the majority? I don't know. But I just don't think there is any way to keep bitcoin price down until at least ATH's or the halving. Until then, I think its up only. So the biggest way to screw the most people is to just run it up in a straight line. I think too many people are hoping to scale in. When we broke above 32k, there was no re-test. This was after 6 months of consolidation from about April to October. Imagine waiting for a re-test of the 32k high that never came. Now its just running and running. The 20% drop after ETF approval caught many offguard maybe, and also didn't hit low enough for others. But I think too many people are hoping for lower prices to go long, and that is why it won't happen.
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Oh, c'mon now, I ain't predicting that it will crash. A drop down to 45K from here would be less than measly 7% decline (a drop in the bucket), nothing out of the ordinary for something as volatile as Bitcoin. :)

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I think the GBTC expense ratio is about 2.5% so it seems to make sense for investors to go to something cheaper. I remember watching an interview with the head of Greyscale and he touted liquidity as a reason to stick with GBTC. That seems dubious now.
 
nitrene said:
I think the GBTC expense ratio is about 2.5% so it seems to make sense for investors to go to something cheaper. I remember watching an interview with the head of Greyscale and he touted liquidity as a reason to stick with GBTC. That seems dubious now.
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When the old GBTC bitcoin trust converted to GBTC bitcoin spot etf on January 10, 2024, the fee went from 2%/yr to 1.5%/yr
 
johnarb said:
When the old GBTC bitcoin trust converted to GBTC bitcoin spot etf on January 10, 2024, the fee went from 2%/yr to 1.5%/yr
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Do you think that all their selling was related to FTX raising the cash to pay out to their investors?
 
long said:
Do you think that all their selling was related to FTX raising the cash to pay out to their investors?
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No, not all related to FTX selling GBTC, but the biggest 1-day selling of GBTC was because of FTX, marked the bottom for btc when it went to 38k

There are many investors who invested in tax-deferred accounts (i.e. IRA's) and those sold (and could have bought back other bitcoin spot etf's) because there are no tax implications

And others who plan to hold bitcoin spot etf's for longer than 10 years would have sold and may still be selling GBTC

There may be other sellers of GBTC (that may be court-ordered) if they have not sold, 3AC, Celsius, BlockFi, Voyager, Gemini...

all these motherfuckers stole the bitcoins entrusted to them (for a yield) and invested in GBTC for the arb-trade, and declared bankruptcy to keep the bitcoins but now giving fiat $ back to the victims at bear market low prices and saying they got back all their funds

fuck the cuckbuck$, these fuckers should buy back the bitcoins and return the bitcoins back to the victims
 
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