34 sats \ 1 reply \ @Atreus 22 Jun 2023 \ on: Daily discussion thread
Bitcoin Out of Cold Storage
Luna crash, Celsius crash, 3AC crash, FTX demolition, Binance screwed, Coinbase screwed, Prime Trust is screwed, everyone's getting screwed, run for your lives
Bitcoin Within Cold Storage
Calmly listening to the ticking of the blocks all year long 🎼
Bitcoin is swallowing the energy of the fallout like its nothing. In that span of time entities with less than 100 Bitcoin in their wallet have accumulated at a rate of something like 2.5x the available supply per day. These are just the Bitcoin going into long term cold storage.
The price today is without very much leverage since all those platforms have collapsed. As predicted by some a few years ago an event would trigger altcoins to collapse and BTC dominance to rise. I don't think anyone that predicted anything is a genius. I just think it is always obvious how the game theory will play out when Bitcoin is involved.
The price is being moved by hodlr's, miners, and exchanges. Exchanges will run out of Bitcoin if the price does not adjust if hodlr's keep accumulating at the same rate. Possible Spot ETF's online soon. How can any exchange or market maker provide the liquidity when the entire supply is being ate up before they can even come to market?? They can't even provide liquidity during 20% moves.
There really isn't much in the way of the price going parabolic. Who knows when that will be but I think there is a chance it could be much sooner than anticipated. I hope anyways. It has to since the supply just isn't there. This is just basic economics but I don't know if people acknowledge it clearly enough.
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