I noticed some questions from friends, so I’ll answer them all together:
- Did BlackRock transfer $BTC to Coinbase to sell?
Partly yes, partly no. Coinbase itself is BlackRock's custodian, meaning the BTC purchased by BlackRock's investors is actually held in Coinbase. However, it is true that BlackRock's "address" has transferred to Coinbase for selling, and this is also BlackRock's address on Coinbase. Moreover, daily sales are marked, and I have recorded them in my Bitcoin spot ETF table.
- Is 70% of BlackRock's account retail investors who chase highs and cut losses?
Partly yes, partly no. In fact, many institutions and family offices open accounts with BlackRock in a "retail" format, which is reflected in 17F. Moreover, BlackRock's investors have not sold much to date; they currently hold 767,365 Bitcoins, down from a peak of 805,467, with an actual sell-off rate of only 4.7%.
- Is the ETF not pure chain BTC?
Incorrect. The ETF is backed by BTC; it requires a stock of BTC to exist, which can be understood similarly to USDC.
- Did Grayscale sell out and then buy back?
Not really. Grayscale's total BTC is still declining; currently, it holds around 200,000 BTC, down from a peak of 610,000.
- Is there a wave of accumulation at the $67k price level in 2023-2024, and is it related to the ETF?
The price in 2023 did not reach that high; it should be in 2024. Some of this accumulation is likely related to the ETF, but ETF purchases are very slow, although they have been consistently buying.
- You clearly have no idea; how did you make money, or are you trying to harm others? Do you know the institutions' costs? Do you know when they sell? Calculate the costs.
Yes, this information is available daily.
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