Oddbean

So the ETF disappointment was from the GBTC unwind which were the result of 3AC and others making leveraged bets. That makes a lot of sense to me. Still some paying for the sins of altcoins, I guess.

I think Winklevoss twins and several other Grayscale whales have been waiting years for an ETF conversation so they could cash out. They'll probably be dumping shares on the market for a while. Almost 100M GBTC shares changed hands the last two days.

Then there is the typical games played with prolonged float on volume before settlement (t+1 or 2) that enabled temporary btc to “appear” before settlement. “Temporary” makes one think its not a big deal, then you realize they can do this every trading day, forever. THEN there are the coming derivatives (beyond existing futures) that will be ran by the same people runnubg each ETF. These are wall st games. And many bitcoiners cheered for this. I’m just gonna continue to self-custody and chill. Fuck wall st. Roll your 401k into a self-directed IRA and buy corn you can self-custody yourself.