Another high volume 2cnd day is absolutely bullish. Most importantly, we need high volume for the next weeks.
Forwarded from Watcher Guru
DiveInDefi
Eth should find its bottom around here
against BTC. not saying the sell off is over completely. It could be
DiveInDefi
Eth should find its bottom around here
So this was it on ETH (likely)
I made a learning cause this trade was costly: Gotta make sure to check ETH/BTC. I had ETH and BTC open simultaneously. Looked phishy when BTC pumped and found its LTF bottom but ETH started to sell off. I had a disbelief.
Well, I was feeling a 5th wave down was left and I should have listned to that and not blindly trust BTC PA for ETH. Especially in times when ETH/BTC is so volatile.
I made a learning cause this trade was costly: Gotta make sure to check ETH/BTC. I had ETH and BTC open simultaneously. Looked phishy when BTC pumped and found its LTF bottom but ETH started to sell off. I had a disbelief.
Well, I was feeling a 5th wave down was left and I should have listned to that and not blindly trust BTC PA for ETH. Especially in times when ETH/BTC is so volatile.
Ok guys. This is a little more than just a sell the news.
It seems like there is an issue with GBTC's holding fee of 2%/year. All the other ETFs have significantly lower fees. So what is happening, people that have held GBTC previously (this was traded before), are now dumping their GBTC stocks to cheaper ones like the one of Black Rock and others, that only have 0.25% of fee.
This forces GBTC to sell their BTC on the market.
BlackRock and others easily buy them back a little bit later for cheaper.
As an ETF trade usually isn't settled (BTC bought or sold on the spot market) the second someone buys a share, all of those volumes are delayed.
GBTC holds $35 billion in BTC (35.000.000.000). In comparison, other ETFs only bough roughly 200 million (200.000.000) in advance to the ETFs.
This is causing unnatual selling pressure on the market on top of selling the news.
It seems like there is an issue with GBTC's holding fee of 2%/year. All the other ETFs have significantly lower fees. So what is happening, people that have held GBTC previously (this was traded before), are now dumping their GBTC stocks to cheaper ones like the one of Black Rock and others, that only have 0.25% of fee.
This forces GBTC to sell their BTC on the market.
BlackRock and others easily buy them back a little bit later for cheaper.
As an ETF trade usually isn't settled (BTC bought or sold on the spot market) the second someone buys a share, all of those volumes are delayed.
GBTC holds $35 billion in BTC (35.000.000.000). In comparison, other ETFs only bough roughly 200 million (200.000.000) in advance to the ETFs.
This is causing unnatual selling pressure on the market on top of selling the news.
Forwarded from Moonbags Markets
https://twitter.com/0xfoobar/status/1745848432084857070
Also you may want to read this. This explains pretty nicely how it works in the background when people buy or sell in ETF shares.
Also you may want to read this. This explains pretty nicely how it works in the background when people buy or sell in ETF shares.
X (formerly Twitter)
foobar (@0xfoobar) on X
how cash create spot ETF flows work 🧵
when an ETF starts out it has ~0 shares and all volume must be new creation
when an ETF is mature it has many shares and most volume is trading among shareholders, no new creation
ETF share creation happens through…
when an ETF starts out it has ~0 shares and all volume must be new creation
when an ETF is mature it has many shares and most volume is trading among shareholders, no new creation
ETF share creation happens through…
DiveInDefi
I expect BTC to make a good pump up soon. However, it is currently flushing like butter. If we don't find support anytime soon, this is the next major support.
We basically broke/pierced every major lower time-frame support today. Next and last big support is $40.500. This has to hold, if it doesn't we go to $37.000~. This would be a retest of the current uptrend. If we hit this and hold, this is actually insanely bullish. But let's see if we can keep at the current levels/40k first.
🗿1
DiveInDefi
Gotta love the accuracy on those. Next targets marked in chart. We might just fly hard the next weeks anyawys as SUI is not far from price discovery. GZ Eztic :)
Last target hit on SUI ✅
If we break this - price discovery 🔥
If we break this - price discovery 🔥
DiveInDefi
We basically broke/pierced every major lower time-frame support today. Next and last big support is $40.500. This has to hold, if it doesn't we go to $37.000~. This would be a retest of the current uptrend. If we hit this and hold, this is actually insanely…
On the LTF (Lower Time Frame) I expext to hit 43.5k if we break this trendline next. Hard to tell what is happening after that. If BlackRock really buys the GBTC back early next week (as per the thesis pasted here yesterday), we should see some retest of the 45-46k range.
Forwarded from K
Yes sir, absolutely. If we break this level, we Gucci.
Honestly, I do not see it break this weekend. PA doesn‘t indicate a lot of action rn. We should get a few rejections at that level.
You will want to see another ascending triangle hitting on that level from below to weaken it. I wouldn‘t get too bullish/excited (short-term) as long as we are below it.
A little cool off on volatility after this wild week is good and bullish long-term.
Honestly, I do not see it break this weekend. PA doesn‘t indicate a lot of action rn. We should get a few rejections at that level.
You will want to see another ascending triangle hitting on that level from below to weaken it. I wouldn‘t get too bullish/excited (short-term) as long as we are below it.
A little cool off on volatility after this wild week is good and bullish long-term.
DiveInDefi
Photo
$7.7b volume and about $1.5b inflows. Considering that GBTC has >90% outflows, it might mean that all BTC have been purchase already. Maybe we got a few million buys left for Monday though that have not been settled completely, yet. We will see