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man this grayscale #Bitcoin 
or #GBTC is a skam. Why? They claimed to have 8.7k #BTC in the past 24 hours. I know they buy OTC, they don't market buy on #binance 
or #coinbase but just look at the chart. Does that look like someone bought 8.7k $BTC in the past 24 hours?
or #GBTC is a skam. Why? They claimed to have 8.7k #BTC in the past 24 hours. I know they buy OTC, they don't market buy on #binance or #coinbase but just look at the chart. Does that look like someone bought 8.7k $BTC in the past 24 hours?
here is my argument, if #GBTC bought 8.7k #BTC which is 300 million usd, and still price dumped almost 10%, you are claiming that we had seen a sell of more than 1 billion usd in a 24 hours. Either, GBTC aren't buying BTC or BTC really had a 1 billion plus sell off day.
which is 300 million usd, and still price dumped almost 10%, you are claiming that we had seen a sell of more than 1 billion usd in a 24 hours. Either, GBTC aren't buying BTC or BTC really had a 1 billion plus sell off day.
For those who will take the OTC angle, here is my argument; The same OTC desks are also supplying coins to the major exchanges. GBTC draining OTC liquidity would also mean that it would lower the liquidity on the sell side. Which did not happen.
Sell side got thicker on the major exchanges while consistent market sell orders hit the market. If GBTC is buying from major OTC desks in 300 mil plus, the same OTC desks would have to lower their supply to the CEXs. I just don't see that
I also don't believe GBTC is buying 100% of their coins from OTC desks. Why? Because OTC deals ALWAYS has premium on the market price. Anywhere from 1-5% premium. For GBTC I would assume its pretty small. However, here is my argument as of why they are NOT using purely OTC
Buying off the exchanges are cheaper (0.1% fee), you can put limit orders. People like Saylor bought 500mil plus with micro transactions across many exchanges. Buying off the exchange is better than buying OTC. People buy OTC because they can't wire $ to the exchanges.
