Topped, Reversed, Correcting, or . . . Collapsing
- Thread starter Wallace
- Start date
It is supposedly the GBTC investors finally able to sell their locked in BTCs.
Opinion from the web:
"Grayscale was a private fund, that traded on a discount to the spot price of BTC. That means you couldn't sell your shares of Grayscale, and get the worth of BTC out. (Yes this is a function of the fact that there is no fiat liquidity in the crypto markets) Later Grayscale even stopped redemption of the funds shares at some point. Completely forgot that part.
That wasn't always the case. Back in 2017 Grayscale traded at a premium to BTC. That's why a LOT of people and institution bought into the fund.
The conversion to an ETF has been a carrot Grayscale dangled in front of their investors for years, to convince them to hold, while paying around 2% fees a year. Now the ETF is there and the investors can close their position with a very small discount. Some do it to take profits, some do it to roll into cheaper ETFs. But all will have to pay capital gains tax, further limiting the liquidity in crypto markets."
Opinion from the web:
"Grayscale was a private fund, that traded on a discount to the spot price of BTC. That means you couldn't sell your shares of Grayscale, and get the worth of BTC out. (Yes this is a function of the fact that there is no fiat liquidity in the crypto markets) Later Grayscale even stopped redemption of the funds shares at some point. Completely forgot that part.
That wasn't always the case. Back in 2017 Grayscale traded at a premium to BTC. That's why a LOT of people and institution bought into the fund.
The conversion to an ETF has been a carrot Grayscale dangled in front of their investors for years, to convince them to hold, while paying around 2% fees a year. Now the ETF is there and the investors can close their position with a very small discount. Some do it to take profits, some do it to roll into cheaper ETFs. But all will have to pay capital gains tax, further limiting the liquidity in crypto markets."
as long as Tether exists BTC will be just fine. 20 percent correction is nothing unusual.
Yes I know. We are having a healthy correction, the seized Bitcoin from silk road has been auctioned off to some of these ETF companies and they are selling right now. Micheal Sailor is also selling a bunch right now. We also need this dip before the halving.
But they can't sell forever
This is kind of what happened when BlackRock created the first Gold ETF. Ohh how those bears are singing a different tune today!
2K per troy ounce!