Bitcoins - about to hit $5,000 per coin today!

[affeman]

BTC just blasted dropped through 486,000. We might even see 494,000 passed today...

fixed

[Mayday]

Dude... LOL

BTC just blasted through 48,000. We might even see 49,000 passed today...

Pump it gib !

That big wick of smack down at 48k could be a degen leveraged short. Let’s see 52k this weekend!

[Flexacon]

Bitcoin, Alts and even real degen shitcoins mostly tracked SPX today. It's been a long time since it's tracked like this. Might become the new norm thanks to the ETFs.

[Mayday]

That sucks. Degen move for sure.

A Dev launched one of these Degen Meme coins. Dumps his holdings on everyone just after launch and makes a cool 500k or so. The coin then gets enough steam to go 100x and the dude missed out on all of it lol 😂

The ICOs now are pretty much rigged. I did one the other week but the price I get is around 14x higher than the Devs and then it launches 20x from their price. In other words Devs can dump at 100x and for me it’s a 7x. This is what I mean when I say everything is already frontrun. You’ll never get the 100x anymore because you need to be a Dev.

[loco]

Volatility of peace. 

[IroNat]

How will the new Bitcoin ETFs affect the Bitcoin market?

[Flexacon]

A Dev launched one of these Degen Meme coins. Dumps his holdings on everyone just after launch and makes a cool 500k or so. The coin then gets enough steam to go 100x and the dude missed out on all of it lol 😂

The ICOs now are pretty much rigged. I did one the other week but the price I get is around 14x higher than the Devs and then it launches 20x from their price. In other words Devs can dump at 100x and for me it’s a 7x. This is what I mean when I say everything is already frontrun. You’ll never get the 100x anymore because you need to be a Dev.

I think I know the one talking about. I have a decent sized bag of it. Think it could be this cycles shib

Yeah I've set my expectations for multiples a lot lower.

[Flexacon]

How will the new Bitcoin ETFs affect the Bitcoin market?

Down, then side ways, then up, left, right, down the middle

I'm locked on for 64K as the high for a while. It could go down to 30-40K before going back up to 64K or it could go straight there.

Longer term (years) ETF sends the price a lot higher and makes the price swings less volatile.

[gib]

I'm locked on for 64K as the high for a while. It could go down to 30-40K before going back up to 64K or it could go straight there.

Longer term (years) ETF sends the price a lot higher and makes the price swings less volatile.

I think the ETF is a massive development long-term. We will also see some ETF's launch soon in other major financial centers - Watch for Hong Kong soon which will also provide huge long term inflows from China and Asia.

Some of the factors impacting BTC price, other than the funds flowing in over time, I expect will be related to macro-economic data, especially inflation, interest rates, and stimulus and money-printing. And also of course various global incidents and crisis - wars and epidemics, a financial crisis, etc. Wall St really now has an amazing tool as a proxy for these factors, far superior to gold, and far more volatile (in both directions) - which is great provided you understand that the long term trajectory is up, and treat any dips as accumulation opportunities.

As for where I think BTC goes this cycle, I am more bullish that you Flex. I say we get to 120K as a bare minimum on this cycle, and quite possibly well higher. To me, a 300K peak this cycle is certainly feasible. And I say that not just because I own some.

[Flexacon]

As for where I think BTC goes this cycle, I am more bullish that you Flex. I say we get to 120K as a bare minimum on this cycle, and quite possibly well higher. To me, a 300K peak this cycle is certainly feasible. And I say that not just because I own some.

The 64k call is my March rates decision and pre halving high. Then things probably go quiet for the summer before then it runs again in parabolically.

So still pretty bullish. Macro could make me more bullish and Trump (he is pro crypto) winning the US election would make me hyper bullish.

[GymnJuice]

How will the new Bitcoin ETFs affect the Bitcoin market?

I'm no bitcoin expert. Stock ETFs hold different stocks that try to track the overall market or a segment of that market, right? What is a bitcoin ETF tracking, just the bitcoin itself?

If it is just tracking the bitcoin itself, then it makes me wonder what is the advantage of holding a bitcoin ETF over regular bitcoin? Is it less likely to get hacked and stolen and you don't have to keep track of a password? Easier to exchange from bitcoin to cash to stocks? If that's the case, then I think the bitcoin ETFs will eventually take the lion's share of the market from the older bitcoin exchanges. That's just my uneducated speculation.

[gib]

I'm no bitcoin expert. Stock ETFs hold different stocks that try to track the overall market or a segment of that market, right? What is a bitcoin ETF tracking, just the bitcoin itself?

If it is just tracking the bitcoin itself, then it makes me wonder what is the advantage of holding a bitcoin ETF over regular bitcoin? Is it less likely to get hacked and stolen and you don't have to keep track of a password? Easier to exchange from bitcoin to cash to stocks? If that's the case, then I think the bitcoin ETFs will eventually take the lion's share of the market from the older bitcoin exchanges. That's just my uneducated speculation.

All the US listed BTC ETFs actually hold Bitcoin directly. So technically they don't track Bitcoin, but yes, their price will of course very closely reflect the underlying price of Bitcoin, and so will track Bitcoin in that sense.

Many advantages in holding via an ETF. For many its easier to trade, less issues with bank KYC questions, confidence in buying via a regulated exchange, statement appears along with all the stocks and bonds, protects against lost keys, trading fees may be lower then some exchanges, and for many large HNWIs and pension funds and companies etc it is a way easier way to have access to BTC.

The downside is you don't actually own Bitcoin. All you own is a right, against a 3rd party who is holding your Bitcoin. That exposes you at all sorts of other risks. NYKNYK

[IroNat]

I think there is less risk with an ETF.

No risk of losing your password or losing your little thumb drive where you keep your bitcoin.

Or if your thumb drive malfunctions or is stolen.  I've had a few thumb drives crap out over the years.

Maybe you can back up your thumb drive though.  I would think so.

Also being able to trade your ETF easily.

Also you can invest small amounts at a time.

A high risk investment so only invest what you can afford to lose.

[SOMEPARTS]

I think there is less risk with an ETF.

No risk of losing your password or losing your little thumb drive where you keep your bitcoin.

Or if your thumb drive malfunctions or is stolen.  I've had a few thumb drives crap out over the years.

Maybe you can back up your thumb drive though.  I would think so.

Also being able to trade your ETF easily.

Also you can invest small amounts at a time.

A high risk investment so only invest what you can afford to lose.

It's also nice to be able to put a face to who is taking your $$. 

[loco]

I think there is less risk with an ETF.

No risk of losing your password or losing your little thumb drive where you keep your bitcoin.

Or if your thumb drive malfunctions or is stolen.  I've had a few thumb drives crap out over the years.

Maybe you can back up your thumb drive though.  I would think so.

Also being able to trade your ETF easily.

Also you can invest small amounts at a time.

A high risk investment so only invest what you can afford to lose.

Hopefully, it will be an improvement on fees too.  As of now, you pay high fees to buy, sell, trade, or transfer crypto.  Heck, you look at your crypto balance the wrong way and you may get charged a fee for it.

Hopefully it will simplify reporting your crypto in US tax returns too.

[Flexacon]

Also you can invest small amounts at a time.

You can do that with bitcoin too. It's amazing how many think you could only buy whole units of BTC.

[Flexacon]

It's also nice to be able to put a face to who is taking your $$. 

It's up x3 since your schadenfreude post

Coinbase fires 20% and their CEO says dark times are coming.

Y'all keep on hoping.

Saying that manipulation is needed more than smart money is hilarious.


https://www.coinbase.com/blog/a-message-from-ceo-and-co-founder-brian-armstrong-to-coinbase-employees

Yeah, here's the thing right - I'm not paying much attention to a completely flawed ponzi.

I prefer to laugh about it, because the bad news keeps piling up around the true believers...a bit of schadenfreude.

You should have listened

Some old biddy gave the best explanation of bull market dynamics I've come across. I'm not as confident of a 2023 date as her though.

"Whales (professional traders) act as market makers on "self-regulated" crypto exchanges, and pay no fees to these exchanges and  do not want to trade against each other (which is why such trades are called "toxic flow").

These market makers run ultra-HF algos that can perform trades (like "layering" and "spoofing") that are illegal on ordinary exchanges.

In 2023 the algos will be configured to manage a bitcoin bull run. Why?

Well, how else will they draw retail traders like you and me (who are now very scared) back to trading crypto?

Both market makers and exchanges need retail investors to come back. Exchanges need their fee income (market makers pay no fees), and for market makers it is because when their algos are equally good (i.e. not Alameda's) they have only a 50-50 change of winning a trade.

But retail investors who take risky, leveraged positions are very likely to be wiped out

I laugh at people who laugh about it, simply because I was once one them. But trying to understand the dynamics behind a "flawed ponzi" and the psychology around it had me laughing all the way to the bank. Best thing I ever done!

True believers (most have left this thread)  obviously aren't sitting comfortable with the current price, but they are in it for the long haul. They want all the fraudsters who used tradfi rails to enrich themselves through crypto to get washed out. They want all the crap coins gone. Their thesis isn't price based, it's time based, so the bad news isn't gonna change their beliefs.

Others who are more price sensitive are hoping for forced sell offs to drop the floor price. Bad news resulting in forced selling is exactly what they want.

You may soon hear " bad news" that Ripple lost a case against the SEC and that it's over for "crypto" as it will all get regulated and tokens listed as securities. If you decide to post it here just know that true believers (bitcoin maxis) and people waiting for forced selling couldn't be happier.

I'm laughing even harder at you now

[Mayday]

ETF launch shows +340M inflows into Fidelity and Blackrock.

……. -940M outflow from Grayscale…..

[Flexacon]

ETF launch shows +340M inflows into Fidelity and Blackrock.

……. -940M outflow from Grayscale…..

Are you sure that's not photoshopped (looks it)? The bloomberg terminal ones I saw half hour ago had grayscale at -95M

***

Trying to make sense of what I'm seeing right now and there are some GBTC sellers and some whales selling. ETF inflows look good, but it's all being done OTC so it's not pushing the price up.

Once selling slows down and OTC BTC dries up we should start seeing the inflows reflected in price as they will need to buy spot.

Basically it could be that they are keeping the price suppressed to give early ETF buyers a nice entry. Or everything I'm seeing could be based on pure hopium.

[OlympiaGym]

Looks like BTC is going to $5,000 per coin today.

[f450]

This ETF is the beginning of the end for BITCOIN. The big banks have finally gotten their hands on this decentralized asset and will from now on control it the way they have controlled Gold and Silver. Now you don't have to trade BTC, you can just trade the futures and derivatives.

How Bitcoin maxis dont see this is baffling. Oh well as a trader its great cus now I have volatility and increased liquidity. Sucks for BTC though.

Just Monero left

[Mayday]

Are you sure that's not photoshopped (looks it)? The bloomberg terminal ones I saw half hour ago had grayscale at -95M

***

Trying to make sense of what I'm seeing right now and there are some GBTC sellers and some whales selling. ETF inflows look good, but it's all being done OTC so it's not pushing the price up.

Once selling slows down and OTC BTC dries up we should start seeing the inflows reflected in price as they will need to buy spot.

Basically it could be that they are keeping the price suppressed to give early ETF buyers a nice entry. Or everything I'm seeing could be based on pure hopium.

Wasn’t shopped, the update was a different font is all and same person did it.

I can’t validate that data but given so many big players were buying at 10k-12k they’re selling at a 4x already so I see no reason to doubt it.

I saw the same shit in the last cycle where the ‘sell the news’ was replaced with ‘but what if it’s buy the news’ yet it never was.

[a_pupil]

Looks like BTC is going to $5,000 per coin today.

 

I'm glad I invested in chinese raws instead. The whole world could go to shit, but gymcels will still need steroids.

[Flexacon]

Wasn’t shopped, the update was a different font is all and same person did it.

I can’t validate that data but given so many big players were buying at 10k-12k they’re selling at a 4x already so I see no reason to doubt it.

I saw the same shit in the last cycle where the ‘sell the news’ was replaced with ‘but what if it’s buy the news’ yet it never was.

It's fake bro and a bad one at that. Zoom in and you can see it's a cut and paste job.

[OlympiaGym]

I'm glad I invested in chinese raws instead. The whole world could go to shit, but gymcels will still need steroids.

Same. I just order test e but I have 20 compounds on my list. I even charge more for what I label as blends or proviron.