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

[SouJerz]

I think (can't recall if it is you or not but I thought it was) that I explained numerous times the idiocy, short-sightedness, illogicality and risk of investing an "alts" to Bitcoin, and also why any alt can outperform BTC in the short term. I will not repeat myself again.

Further, ETH is not a legitimate alternative to the purpose Bitcoin serves, which is as the rock solid base layer of digital money. This should by now be very clear to most people. That is not to say that ETH does not have some features that BTC does not, just any any alt will have unique features. But none of them are legitimate alternatives to Bitcoin.

But I'll give to you - yes I did sell in 2018 - I did not have the confidence and conviction I now do. But to my credit I did thereafter rebuy and keep stacking, and it worked out OK.

Anyhow, congrats on the ETH performance. Any holder of ETH or BTC can be very happy with the outperformance of gold and fiat.

Lol gib this is hilarious.  We think a like.  I started acquiring BTC and ETH in 2016.  I had such a huge ROI and the needle was moving downward quickly I sold all my BTC/ETH in Jan/feb 2018.  In retrospect probably should have held as I had more BTC and ETH Back then compared to now but the prices have gone so wild my ROI now is higher than back in 2018 when I sold. 

[SouJerz]

I would hold gold right now could gold could be entering a bull market just topped 2100 I think. Maybe we see 2500 GLD?

[Dorian Cutler]

I would hold gold right now could gold could be entering a bull market just topped 2100 I think. Maybe we see 2500 GLD?

historically gold has always moved a lot slower than expected and it might see 1800s before 2500s

[Mayday]

I don't think he's much of degen/gambler, but then again I am probably the last degen standing in this thread. If anything he over held a lot of his positions.

I’m still here. Sold 30k of useless pieces of crap that already pumped onto happy faces 2 days ago. Alts have been running for months already but people think they are still early.

Being a Degen from the start of cycle was the learning from 2021. Crypto can’t be rewarded for that and it’s easily seen now a BTC ETF makes the worst of crypto pump and rug pull. That’s not good.

[Flexacon]

I’m still here. Sold 30k of useless pieces of crap that already pumped onto happy faces 2 days ago. Alts have been running for months already but people think they are still early.

Being a Degen from the start of cycle was the learning from 2021. Crypto can’t be rewarded for that and it’s easily seen now a BTC ETF makes the worst of crypto pump and rug pull. That’s not good.

Nice! Other than your Shib I thought you had given up due to Eth gas.

Great timing too with the monster liquidation of BTC longs today. Biggest since Nov 2021!

[obsidian]

I’m still here. Sold 30k of useless pieces of crap that already pumped onto happy faces 2 days ago. Alts have been running for months already but people think they are still early.

Being a Degen from the start of cycle was the learning from 2021. Crypto can’t be rewarded for that and it’s easily seen now a BTC ETF makes the worst of crypto pump and rug pull. That’s not good.

The alts are still far away from their ATH prices. Unlike BTC. I would wait until they at least hit ATH before saying people should not think they are early. The entire crypto market cap has not yet reached the previous ATH of over $3 trillion. Some "experts" think it will reach $10 trillion this cycle.

[obsidian]

I think (can't recall if it is you or not but I thought it was) that I explained numerous times the idiocy, short-sightedness, illogicality and risk of investing an "alts" to Bitcoin, and also why any alt can outperform BTC in the short term. I will not repeat myself again.

Further, ETH is not a legitimate alternative to the purpose Bitcoin serves, which is as the rock solid base layer of digital money. This should by now be very clear to most people. That is not to say that ETH does not have some features that BTC does not, just any any alt will have unique features. But none of them are legitimate alternatives to Bitcoin.

But I'll give to you - yes I did sell in 2018 - I did not have the confidence and conviction I now do. But to my credit I did thereafter rebuy and keep stacking, and it worked out OK.

Anyhow, congrats on the ETH performance. Any holder of ETH or BTC can be very happy with the outperformance of gold and fiat.

Thanks. Not celebrating yet though. I need to see my crypto portfolio dramatically exceed the 2021 cycle before I feel like progress has been made.

You are correct that BTC is a safer bet long term or when there are periods of volatility. It is interesting thought that BTC lags many of the other top 10 cryptos in the past 5-year time frame. Check the charts. 5 years is not what I would define as short term.

[Mayday]

Nice! Other than your Shib I thought you had given up due to Eth gas.

Great timing too with the monster liquidation of BTC longs today. Biggest since Nov 2021!

I dumped Shib for small profit and rolled into other stuff. The gas fees just show the network can’t handle volume. It’s a dead giveaway when retail is messing about.

BTC was around 66k when I dumped some pumped alts then It went up to 69k after I sold.

Nothing has changed for me. I listed to nobody, watch or read nothing, I don’t care lol.  I’m still looking for 76k in Q4.

Grayscale feeds the ETFs and suppresses price as I said it would. they’re down to only 420k coins now. I think I’m the only person who realises the ETFs are the trap. We just transferred 200k coins from the hands of the Grayscale HoDLer into weak as piss retail 😂 and there is still more yet to move.

[Mayday]

The basics of my theory is this:

Transfer HoDL coins from Grayscale to ETFs who are weak hand S&P money people.

Send price to ATH, perhaps it 100k for psychological reasons so suck in as many weal hands as possible into the ETFs.

Trigger a bear market.

ETF outflows from multiple will be so quick and relentless nobody can absorb the volume. We go sub 15.5k down to whatever crazy low number in the thousands.

MSTR and Saylor are taken out. Exchanges are nuked. Leverage is nuked. Because boomers and average people are involved the mass public are outraged at how wreckless the alts were. They vote to approve ban of wallets and self custody…….

The US wins……. That’s what this looks like to me, hence I said I am playing this as the last hurrah.

[gib]

The sales from Grey Scale will stop very soon I believe. A big chunk of the recent sales could be (hopefully are) from the 1.3B USD Gemini liquidation. That has to be sold so creditors can be paid.

Once that is digested its all upside. We will know when its done, as we will suddenly have a massive inflow / outflow imbalance.

Any other sales, would simply be GBTC holders wanting a lower annual management fee, and so most of that would be money flowing from GBTC back into other ETFs, and GBTC could, if it wanted, simply reduce its fees to retain such funds. (Right now its more worth their while to charge higher fees and hope withdrawals slow, given how much they make in fees).

How close are we to this tipping point? I believe very close. And, that downward move we saw could be just as sharp in the other direction.

Have faith my friends - in time, zoomed out, moves like yesterday a blip in the long term big scheme of things...

[Flexacon]

The sales from Grey Scale will stop very soon I believe. A big chunk of the recent sales could be (hopefully are) from the 1.3B USD Gemini liquidation. That has to be sold so creditors can be paid.

Once that is digested its all upside. We will know when its done, as we will suddenly have a massive inflow / outflow imbalance.

Any other sales, would simply be GBTC holders wanting a lower annual management fee, and so most of that would be money flowing from GBTC back into other ETFs, and GBTC could, if it wanted, simply reduce its fees to retain such funds. (Right now its more worth their while to charge higher fees and hope withdrawals slow, given how much they make in fees).

How close are we to this tipping point? I believe very close. And, that downward move we saw could be just as sharp in the other direction.

Have faith my friends - in time, zoomed out, moves like yesterday a blip in the long term big scheme of things...

GBTC liquidation for Gemini customers was not in USD. It's BTC being returned to customers.

Yesterdays net flow got released an hour ago. It was massive, over $650M mostly done on ibit.

Yesterday was just a leverage hunt. Should test 69k again soon

[Mayday]

GBTC liquidation for Gemini customers was not in USD. It's BTC being returned to customers.

Yesterdays net flow got released an hour ago. It was massive, over $650M mostly done on ibit.

Yesterday was just a leverage hunt. Should test 69k again soon

Agree.

The fact Bitcoin got slapped almost -15% in 1 day tells you how much leverage is now being used. That’s essentially 2 weeks of ETF inflow nuked in a few hours. And Now almost back at 66k.

The sales from Grey Scale will stop very soon I believe. A big chunk of the recent sales could be (hopefully are) from the 1.3B USD Gemini liquidation. That has to be sold so creditors can be paid.

Once that is digested its all upside. We will know when its done, as we will suddenly have a massive inflow / outflow imbalance.

Any other sales, would simply be GBTC holders wanting a lower annual management fee, and so most of that would be money flowing from GBTC back into other ETFs, and GBTC could, if it wanted, simply reduce its fees to retain such funds. (Right now its more worth their while to charge higher fees and hope withdrawals slow, given how much they make in fees).

How close are we to this tipping point? I believe very close. And, that downward move we saw could be just as sharp in the other direction.

Have faith my friends - in time, zoomed out, moves like yesterday a blip in the long term big scheme of things...

before the ETF I said Barry got done for being a naughty boy and he was fucked. The dismantling of his trust is his get out of jail card.

I thought they would knock back his ETf and he’d be forced into selling but they approved AND forced him into selling so it’s all in the open. If it he hadn’t dumped 150k of coins we’d be over 100k already. That’s price suppression.

Grayscale will likely sell at least another 200k. Again, price suppression to keep it below 100k. Remember Grayscale was a HoDLeR and the ETF made it become a seller….. 

[gib]

GBTC liquidation for Gemini customers was not in USD. It's BTC being returned to customers.

Yesterdays net flow got released an hour ago. It was massive, over $650M mostly done on ibit.

Yesterday was just a leverage hunt. Should test 69k again soon

The point about the Gemini liquidation liquidation, is that BTC Gemini had with GBTC is being sold (it has to be), from the GBTC ETF to then be paid back to the Gemini creditors. They are not getting BTC back- rather they are getting a cash equivalent of the money they invested. That selling ito the value of the debt owed, is probably almost done now.

Yes correct about the inflows. And will be higher over time as GBTC selling slows.

Agree, will test 69, maybe a few times, and then blast through.
 

[Flexacon]

The point about the Gemini liquidation liquidation, is that BTC Gemini had with GBTC is being sold (it has to be), from the GBTC ETF to then be paid back to the Gemini creditors. They are not getting BTC back- rather they are getting a cash equivalent of the money they invested. That selling ito the value of the debt owed, is probably almost done now.

Yes correct about the inflows. And will be higher over time as GBTC selling slows.

Agree, will test 69, maybe a few times, and then blast through.

No they are getting BTC back. From their site https://www.gemini.com/earn

"Successful Resolution of Earn. This week, we announced Gemini’s settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in kind (see February 28th update, below). As explained below, for Earn users this means, for example, that if you had lent one bitcoin in the Earn program, you will receive one bitcoin back; you will also receive any and all appreciation of your assets since you lent them into the Earn program. "

[Flexacon]

Agree.

The fact Bitcoin got slapped almost -15% in 1 day tells you how much leverage is now being used. That’s essentially 2 weeks of ETF inflow nuked in a few hours. And Now almost back at 66k.

before the ETF I said Barry got done for being a naughty boy and he was fucked. The dismantling of his trust is his get out of jail card.

I thought they would knock back his ETf and he’d be forced into selling but they approved AND forced him into selling so it’s all in the open. If it he hadn’t dumped 150k of coins we’d be over 100k already. That’s price suppression.

Grayscale will likely sell at least another 200k. Again, price suppression to keep it below 100k. Remember Grayscale was a HoDLeR and the ETF made it become a seller…..

The bitcoin used to dump the price was coin mined in 2010 which hadn't moved for 14 years. Could potentially hint at a supply shortage.

[gib]

No they are getting BTC back. From their site https://www.gemini.com/earn

"Successful Resolution of Earn. This week, we announced Gemini’s settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in kind (see February 28th update, below). As explained below, for Earn users this means, for example, that if you had lent one bitcoin in the Earn program, you will receive one bitcoin back; you will also receive any and all appreciation of your assets since you lent them into the Earn program. "

You are kind of confusing concepts:

The bankruptcy plan allows Genesis to either convert shares of the GBTC into Bitcoin on behalf of the creditors, or sell the shares outright and distribute the cash. Either way, the key point is that Genesis does need to sell its GBTC holdings, and that puts pressure short term pressure on price to the extent not equalized by demand.

See here which explains a little further:

https://cointelegraph.com/news/genesis-bankruptcy-gbtc-outflows-bitcoin-coinbase-crypto-exchange

"Genesis was granted approval by a bankruptcy judge on Feb. 14 to liquidate around $1.3 billion worth of GBTC as part of its efforts to reimburse creditors. ... There are concerns within the crypto industry that the recent approval for Genesis to also sell-off GBTC shares could lead to additional downward pressure on the price of Bitcoin."

You are correct that there was a wallet form 2013 which sold some coins. 65m worth I think. Did that spook the market? Yes possibly part of the cause, but in the big scheme of things, easily absorbed.

[SouJerz]

ETH hit 3,900 high for this cycle.  If the ETF’s are approved does it get past the ATH of 4900?  Back then in 2021 when ETH hit 4900 it was out pacing BTC.  Hopefully ETF’s get us to 6000.  As far as BTC I’m with gib and PLAN B if you guys know of it we’re blasting off soon next stop 100k then FOMO hits then massive selling of the gamblers taking profits.  I’m hoping we dip back to 40k post halving because in several years we’ll be at 1 mil.

[gib]

ETH hit 3,900 high for this cycle.  If the ETF’s are approved does it get past the ATH of 4900?  Back then in 2021 when ETH hit 4900 it was out pacing BTC.  Hopefully ETF’s get us to 6000.  As far as BTC I’m with gib and PLAN B if you guys know of it we’re blasting off soon next stop 100k then FOMO hits then massive selling of the gamblers taking profits.  I’m hoping we dip back to 40k post halving because in several years we’ll be at 1 mil.

I am annoyed I didn't buy more BTC during the little dip yesterday. I was hoping it would stay down a bit longer, and when I finally got around to buying it was already partially recovered.

[SouJerz]

I am annoyed I didn't buy more BTC during the little dip yesterday. I was hoping it would stay down a bit longer, and when I finally got around to buying it was already partially recovered.

These 5-10% swings are normal when BTC is in this type of cycle.  Also I think historically Saturday mornings have been a dip day. I think post halving it should drop as it has in the past, hopefully to 40k-50k.   One of those “buy the rumor, sell the news” events for those short term investors/gamblers looking for a quick 50%+ ROI.  Also small time miners could close shop leading to a price drop.

I’m more interested in the ETH etf does BlackRock have enough pull to get the SEC to sign off?  Supposedly 70% chance.  But I can see the SEC denying it too. 

[Mayday]

The bitcoin used to dump the price was coin mined in 2010 which hadn't moved for 14 years. Could potentially hint at a supply shortage.

I will be completely wrong and I am a retard.

Old accounts dumping en masse like now happens only when tops are forming.

Only 1 time in Bitcoin’s history were old accounts this active and we didn’t hit an ATH. That 1 time was not anything like today.

[a_pupil]

Is there a connection between the s&p 500 going up and dipping slightly with bitcoin's movement?

The chart looks similar.

[SouJerz]

Is there a connection between the s&p 500 going up and dipping slightly with bitcoin's movement?

The chart looks similar.

Whats the one year ROI on the S&P right now and the one year ROI on bitcoin right now?

If you want even more fun look at the 5 year s&p chart and the bitcoin 5 year chart.

[Flexacon]

Is there a connection between the s&p 500 going up and dipping slightly with bitcoin's movement?

The chart looks similar.

Some days they look identical, some days they dont.

Long term inverse dxy and bitcoin track

[Flexacon]

I will be completely wrong and I am a retard.

Old accounts dumping en masse like now happens only when tops are forming.

Only 1 time in Bitcoin’s history were old accounts this active and we didn’t hit an ATH. That 1 time was not anything like today.

I was expecting a lot of old accounts to become active, but not because it's a top. Selling and going into ETFs

I can see it going higher than 10% but more for the reason that big OG whale holders redistribute some of the BTC the hold in cold wallets into ETFs. Makes sense to diversify and it makes things like inheritance easier to manage.

Looks more like consolidation though after blasting up here from $52k. I was expecting months long consolidation here, but with the ETFs firing as they are it might be weeks, or maybe even days as Saylor in due to buy again soon.

There is also $2 billion of leverage to wipe out both ways. So probably another 10k daily candle both ways. Up to $71k, dump down to 61K or vice versa.

[gib]

Long term inverse dxy and bitcoin track

Agree!