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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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[–] • 0 pt

ETF volume was 4.6bn (largest ETF in history), but that's only 10% of total BTC volume today.

Also, coinbase being the custodian for all but Fidelity is going to suppress on chain tx because it's off chain. Which is a good thing - avoids clogging on chain with noise from "muy price went up a dollar!!1!" trades from boomers.

[–] • 0 pt

It's ultimately about the off-chain liquidity providers that coinbase works with. Those are the whales fr the early days of bitcoin that have a huge impact on the market because they are able to process big orders through coinbase. I'm guessing their sell prices are going up, along with the limit that they are willing to buy. It seems very unlikely we'll ever see prices below $30K again as long as the ETFs are running.

[–] • 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.