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177 sats \ 2 replies \ @grayruby 22 Aug 2023 \ on: Proof of BlackRock: This BTC address just accumulated $3 billion in 2 months bitcoin
When you see shit like this it just makes you realize how much paper bitcoin is still out there. Short term holders have sold quite a bit and Miners have sold down a little bit but nowhere near the level to match this type of buying, plus what is going on with MSTR and Tether, plus the plebs. All the fluctuation in price is coming from vapour backed futures, options and other stupid derivatives. as long as the contracts roll they never need to settle and deliver the Bitcoin. They will eventually get squeezed into oblivion when people demand the bitcoin instead of the next paper contract. Then all hell will break loose. Until then paper is in control.
Covid was the pivotal turning point for BTC
It's where supply on exchanges finally reversed its uptrend
Accumulation like this only adds fuel to the fireworks that'll come when the market realizes this trend isn't going back up
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I say that bitcoin that is not on exchanges is bitcoin that is waiting to be sent and sold on exchanges :)
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