Quote from: fillippone on March 06, 2024, 11:13:02 PM

Quote from: fragout on March 06, 2024, 04:33:23 PM

Where do all these ETFs buy their bitcoin. If OTC, where do the OTC desks source it ?

They buy from OTC desks. The OTC desk is in contact with miners, whales or other entities holding hundreds, if not thousands, of bitcoins. The OTC desk agrees on a transaction at a spread over the reference rate between buyer and sellers.
Then they cross the order on the market.
So the transaction actually happens on the market (e.g. Coinbase) even if the price hasn't been formed on the exchange itself, but Over The Counter (OTC).

Quote from: d_eddie on March 06, 2024, 11:03:30 PM

There are several ETPs though. Is that a possiblity?

There are a lot of illiquid and tax-inefficient ETPs in Europe, correct.

Most of the ETF's buy from Coinbase Prime, which is an OTC. They in turn buy/sell only from the US based crypto exchanges - Coinbase, Kraken and Gemini. They can also avoid spot market if buy/sell ETF's arrive simultaneously from different ETF companies. So, most of Greyscale sells for example go directly to Blackrock buys without touching the spot market.