This entire thread is nonsense. EW has been telling you guys where price was going to be since the ATH's. All the indicators, MA's, cyphers etc (cyphers can work), support/resistance lol...allow me to simplify for you all.
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Is the crypto winter over?
- Thread starter schizo
- Start date
This entire thread is nonsense. EW has been telling you guys where price was going to be since the ATH's. All the indicators, MA's, cyphers etc (cyphers can work), support/resistance lol...allow me to simplify for you all.
This headline is a repeat of every headline at the start of the year over the past decade.
2024 will be a transformative year for cryptocurrencies
https://www.americanbanker.com/opinion/2024-will-be-a-transformative-year-for-cryptocurrencies
2024 will be a transformative year for cryptocurrencies
https://www.americanbanker.com/opinion/2024-will-be-a-transformative-year-for-cryptocurrencies
What is this fool saying?
Hello 51.
Retail traders are not driving this price move up of $1k almost every day, just look at the google search trend for bitcoin or how to buy bitcoin
I have a group chat with some of my friends in crypto who I was begging to buy at least 1 btc during the bear market at low $20-22k and put it away (they would have hated me as it kept going down to $14.5k)...
Anyway on the group chat I try to initiate discussion, no responses or very short responses from time to time, they got rekt during the bear market. The latest response about a week ago, was that they are interested again to look altcoins, but as far as bitcoin, no way, they think it's going to crash...
These are my crypto bros and they are not buying bitcoins.... they were not pushing the price up
You know who is? The info is public, every day, you can see how much funds inflows are coming in, 100% inflows, every s-i-n-g-l-e trading d-a-y
The funds want it to go up. That’ll make the ETFs look good to their pension fund investors. They want it to be smooth and not highly volatile, like their presence has stabilized the market. They’re not worried about screwing retail traders yet.
When you say the funds, you're referring to Blackrock, Fidelity, Bitwise, et al?
They are buying hundreds of millions of $ worth of bitcoins every day, but the money is not coming from them, same with other ETF's like the Q's or SPY
Who is putting hundreds of millions of $ to buy bitcoins every day at these bitcoin spot ETF's?
IBIT and friends are selling their products hard. Their sales efforts are the reason a lot of new money is coming in from large account investors. Without them promoting it l believe that the GBTC liquidations would have caused a major drop. Their efforts aren’t just bringing new money in, they’re bringing in a new class of BTC investor that wouldn’t touch the stuff without their blessing.
There has been a lot of demand for years from the clients of the Goldman Sachs, Morgan Stanley, JP Morgan, Blackrock, Fidelity, but the SEC was stopping them by not approving the bitcoin spot etf's
The HNW clients were the ones that were pushing hard on Blackrock and friends to get the bitcoin spot etf approved
You can look up old threads I started on this topic. If I find it I'll edit this post
But my reply to your post was to simply point out that Blackrock and friends should not get all of the credit for the price going up, as Blackrock did not buy $6B worth of bitcoins with Blackrock's money, it was the investors' money that you mentioned
I think the bitcoin spot etf's are shitty products, the right way to invest in bitcoin is to buy crypto asset and hodl the private keys, no management fees plus the benefits of owning the real thing (i.e. censorship-resistant asset)
Yes but if people are just using BTC as part of a diversified portfolio then it's easier and more convenient to use an ETF.
I wish we could buy BTC ETFs here in the UK but, in their infinite wisdom, the financial services authorities have banned them. Ironically, we can still buy crypto stocks like MSTR, COIN which are far riskier.
