I understand that institutions aren’t allowed to directly buy and hodl #bitcoin and some newbies will buy their first #bitcoin via ETF’s (we all go through this phase).
But I’m seeing some clown bitcoiners who are buying ETF’s and MSTR and some negative IQ clowns are even dumping their #bitcoin and buying ETF’s.
These coming cycles will be lit 🔥 😂
Yeah I get it but at the end of the day, MSTR is buying bitcoin and storing it on Coinbase.
It would be more impressive if he started deploying capital towards bitcoin focused businesses but rather he chooses to buy bitcoin on Coinbase.
I have been analyzing on-chain metric these days. Tbh none of it makes sense to me. Eg: If I transact or consolidate on-chain, it comes under realized price🤷🏻 (even ordinals) or the way they calculate multiplier effect or it would show Long-term holders are selling their coins but in reality it’s GBTC offloading it’s bitcoins. The problem is these metrics are unidimensional. It assumes that people use bitcoin network just for buying and selling purpose.
Notes by Parasites_6102 | export