#reads supply squeeze

https://insights.glassnode.com/the-week-onchain-week-46-2023/

regarding inflows post btc etf approval, it's honestly hard to speculate imo, but i think here's what we can generally expect from historical/current examples

Rotation out from:
1) CME futures
2) gbtc, bito, purpose

Into:
1) brand name / trust (reputation)
2) low expense etfs

looking at Gold ETFs and broad ETFs in general,

1) 11,000 etfs out there with only 739 ETFs with more than 2bn AUM. And these large funds capture 82% of total AUM

2) US gold ETFs , only 4 etfs with more than 2bn AUM , and 3 ETFs capture over 75% of the total AUM - SPDR (& micro etf) + iShares

3) Gold ETFs to gold mcap ratio is around 1.6%. S&P500 etfs to S&P500 mcap ratio is around 3.3%. For BTC , we are at 4%+ so perhaps gbtc could be overvalued.

4) Blackrock Insti AUM is around 5trillion+. If we follow the 1% allocation meme, that means 50bn to be allocated over the next 3-5 years pacing. Of course , bull market fomo and credit expansion will accelerate the flows. But on average, definitely looking 10-15bn per year inflow.

The rest will come from rotations amongst the ETFs themselves vs other tradfi crypto exposure (eg. CME, MSTR, Miners, etc.)

if Blackrock pulls in 2-3bn inflows in the first few days, the other asset managers will definitely be very dry. Pareto's principle applies here.

the biggest question is after the lined up capital inflow that everyone is excited about, when where and how is the next new inflow coming in?

if immediate (unlikely), then pump w no brakes
if there is a delay, then a pull back is imminent (delayed 'sell the news')

h/t @gongjiawei

its crazy how xai is dumping so hard

will have to cut my trade if not i'll lose all my airdrop stimmies

might relook into it again after it finds a bottom

state of the market is basically merciless bleeding to any token that is not within current narratives

guess liquidity is finally consolidating to bid big narratives (etf) after being fragmented for months chasing

great strength on $xalpha, not sure who is pushing it but pretty happy my onchain plays are doing well

onchain seems mostly unaffected as compared to cex alts that are bleeding heavily

zorro slow grinding, likely pushed by sisyphus' tweet here

"buy defi or memecoins on L2s that don't have tokens yet"

$METAL has been pushing as well, pity i reduced my size on the team removing liq

better to be safe than sorry!

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JTO looks pretty bottomed here

will write a thread on my thesis

will also start buying bit by bit

hope this doesnt flop within a few days