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"The dollars behind today’s spot ETF volume haven’t even hit the fund portfolio managers’ desks yet.

Most create orders behind today’s flows will get cash settled tomorrow morning T+1 … i.e. the capital behind today’s wave hasn’t even started lifting offers in the UTXO market."

"The dollars behind today’s spot ETF volume haven’t even hit the fund portfolio managers’ desks yet. Most create orders behind today’s flows will get cash settled tomorrow morning T+1 … i.e. the capital behind today’s wave hasn’t even started lifting offers in the UTXO market."

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[–] • 1 pt

I concur. ETF buys are going to exhaust these OTC whales at Coinbase rapidly. Then we'll see prices rise. I saw a Blackrock SEC filing this morning which showed their day 1 BTC ETF inflows were 10x the seed BTC they had on hand. If the other ETFs are similar, Coinbase is going to run out of inhouse sources of BTC supply quickly.