Today’s Nuggets
Terrifying Data from May 1st
Pensions and Sovereign Wealth Funds are Coming!
Hong Kong Holds 5K BTC In 2 Days
Who Bought 3,800 BTC in Seven Hours?
Europe’s Second Largest Bank Reports on its Bitcoin Purchases
Is the Economy Starting to Crack?
Is the Bitcoin Post-Halving "Danger Zone" Window Narrowing?
OTC Desks’ Supplies are Replenished
Bitcoin for Corporations Conference
As a reminder for those interested in Bitcoin-only content then, the playlist can be found here:
https://www.youtube.com/playlist?list=PLWTRLGkkf1kTTbIDdv-P6ykul7a8iUXYf
*Some browsers do not show their YouTube playlists, so make sure you are using the Chrome browser.
The other night, I was absolutely terrified because of the data we will walk through in this lesson.
The ETFs had the biggest dump by far to a factor of two.
I thought the price of Bitcoin was going to fall by about $1,300. It did not and instead shot up by $2,000.
The question is, why?
I recently reported on 25 different on-chain indicators that pointed to the Bitcoin bottom being in. Then I saw the data from the ETFs come out, which terrified me.
Here is what I saw last night when I crunched the ETF numbers: a total dumpage of 9,668 BTC was added back into the system.
I have measured and analyzed dumps a quarter of that size before and the impact on the price was vicious.Â
The saying "It is darkest before the dawn" certainly applied last night.
A lot of good news has come in since!
BlackRock has been working hard to educate these funds about the new spot ETFs. This segment of the market has unbelievable trillions of dollars to get some of this IBIT spot ETF.
These categories hold many trillions of dollars of wealth.
A tiny allocation will have a huge impact on Bitcoin's price.Â
We must remember that
Keep reading with a 7-day free trial
Subscribe to InvestAnswers Newsletter to keep reading this post and get 7 days of free access to the full post archives.