It wouldn't be a great surprise if the whole move down from ~400 was an orchestrated buy up of bitcoins prior to the ETF going live, would it?
i thought they already has a lot of bitcoin for the etf ?
Not the winklevii. If/when the ETF goes live it will almost inevitably draw in lots of investment capital into the space. All the winklevii coins are only valued 20 million USD now. It is likely that prior to such an announcement there will be buying up on coins en masse by those in the know. A great way to do this is to smash the price first.
This could all just be the market waking up to how oversold btc is - 75,000,000 USD in Coinbase from investors including banks shows where this market is going over the next few years - imagine if that capital hit the exchanges.
Nice observation, I like it.
It could also mean they are investing in the system and backend because they do not really care which crypto currency is going to run on it in the end.