Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
It seems that the situation is getting from bad to worse by each hour. This is not a normal trading, so to speak of any support line is pointless. The support is when the last bitcoin of Greyscale will be sold. I won't be surprised if we see covid like apocalyptic dump. Too bad I don't have any fiat left to buy moar. I guess the plan is to keep the rate 1.5% until the BTC outflows stop. And then lower it to 0.3%. But people are not so stupid to return to Greyscale knowing that they will raise the rate again. So, instead of leading the parade to 100K, Greyscale chose to be the new far more ominous MtGox. Well, it seems that we have to wait a bit longer to see 100K. Honey badger doesn't care.
Dude...why do you care so much about GBTC when the OVERALL ETF flow is positive?
Besides, I calculate that GBTC is basically on par with their NAV right now (0.18% discount)
All this whining about GBTC is pointless...reminds me about whining about bitcoin's use of electricity.
EDIT: to all GBTC fear mongers: compare 5d chart of GBTC vs IBIT.
Which one outperforms? Sorry, it is GBTC, haha.
Their own site lists discount at -0.47% Bloomberg puts it at -0.956%, and net flow for the ETFs on the 18th at -$135MM thus the price volatility
that is YESTERDAy's price discout...you have to calculate by today's price
On the 16th they reported their discount at -0.73%. iNAV is not looking much better, not sure about share creations/destruction throughout the day to manually calculate live NAV, and don't have todays data
so...it's decreasing..0.73 to 0.47 to 0.18?
My point is whover whants to get out of GBTC and get into IBIT/FBTC/BITB right now, they can, but beware of the fact that IBIT lost 1.2% vs GBTC in the last 5 days. Why? Who knows.