Hello!
Yesterday Thomas fahrer (twitter username @thomas_fahrer) published the following image:
It's a chart from the IBIT Bitcoin inflows since inception. IBIT is the Blackrock Bitcoin ETF, look at how intense are the buys in the last days. They are buying A LOT of Bitcoin. The chart has always been up, but lately the buy orders are accelerating and the net inflows are now close to 500,000 Bitcoin. Huge numbers in less than 1 year of existence.
They are not the only ones buying. Take a look at the sum of the inflows from all the Bitcoin ETFs:
In total the Bitcoin ETFs are now hodling more than 1,000,000 Bitcoin. Almost 5% of the supply. The best part of it is that this kind of investors are normally hodling the asset. We have yet to see a bear market and how the Bitcoin ETF hodlers react to being underwater, but I assume that we'll not see the same level of sell pressure than what the Spot Bitcoin hodlers.
Bitcoin is still struggling to get above $100,000 however next week will be exciting. Michael Saylor is going to anounce another buy order from Microstrategy as he raised 3 billion dollars to buy more. It's amazing how he manages to issue low interest debt and shares dilution while the stock is trading up.
I hope you had a great weekend!
Posted Using InLeo Alpha