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re: SEC Approves Bitcoin Spot ETFs to List on Major Exchanges
Posted on 1/11/24 at 1:32 pm to Pezzo
Posted on 1/11/24 at 1:32 pm to Pezzo
quote:umm what? They will all buy and sell based upon their daily flows. In the end, they will have a custodian hold the bitcoin value that backs the value of the etf
supposedly only grayscale (GBTC) will hold bitcoin
1
Posted on 1/11/24 at 2:04 pm to TigerTatorTots
I’m sure many of you already know this, but unlike “traditional” ETFs which avoid many capital gain distributions due to the creation unit process, I don’t believe the Bitcoin ETFs will have the same luxury.
In reading the prospectus for IBIT, the Blackrock ETF, they will only deposit and redeem cash in the trust, which means they’ll be buying and selling BTC along the way. That will potentially create capital gain distributions along the way.
Just some food for thought.
In reading the prospectus for IBIT, the Blackrock ETF, they will only deposit and redeem cash in the trust, which means they’ll be buying and selling BTC along the way. That will potentially create capital gain distributions along the way.
Just some food for thought.
Posted on 1/11/24 at 2:19 pm to TigerTatorTots
quote:
BrokerageLink
Would not let me buy it. Can only get it via roth or HSA on my work provided Fidelity
Posted on 1/11/24 at 2:22 pm to geauxnc0308
quote:
Can only get it via roth
that's how i got it via Fidelity.
Posted on 1/12/24 at 6:43 am to finchmeister08
I got my shares in a regular brokerage account. I only use my roth for div stocks/etfs.
Posted on 1/12/24 at 9:57 am to I Love Bama
quote:
Number will keep going up and haters will keep hating.
I don't hate it. I just don't believe in it. Kind of like Allah.
Posted on 2/26/24 at 9:45 pm to TigerTatorTots
So has the board reached a consensus that FBTC is the best Bitcoin etf? I have a little bit of BTC in a Coinbase account that I would like to close and consolidate my BTC holdings into my brokerage account.
Posted on 2/26/24 at 10:21 pm to Dale Gribble
I prefer it mainly because of the company backing it. Fidelity has been pro Bitcoin for a very long time
Posted on 11/11/24 at 9:47 am to UltimaParadox
quote:Fastest growing ETF in human history. Seems like a decent amount of demand
I guess we will see how much true demand there is for BTC now... guessing a lot less than the crypto bros anticipate.
Posted on 11/11/24 at 9:51 am to UnluckyTiger
quote:Still waiting?
I think BTC retraces back to 7-10k and that’s when I’ll strike again. (This is not financial advice)
Posted on 11/11/24 at 10:00 am to TigerTatorTots
quote:
Fastest growing ETF in human history. Seems like a decent amount of demand
Cant say I disagree, however looks like more like massive exit from high fee funds like GBTC and exchanges to these ETFs. Thus no explosive growth in price action.
More like shuffling the deck of the already established holders
Posted on 11/11/24 at 10:21 am to UltimaParadox
C'mon man, you had to realize the net inflows across the ETF have vastly outpaced the net outflows of GBTC right? Hell even the top ETF analysts at Bloomberg were saying that a home run for the bitcoin ETF would be in the $8-10 billion net inflows the first year and more likely would be around $5 billion for a very good first year. They are sitting at $25.5 billion YTD net inflows and $65 billion AUM (ex-GBTC)
Posted on 11/11/24 at 10:25 am to TigerTatorTots
Once again taking a look at price action and outflows from major exchanges it is a combination of the facts.
If the ETF inflows was all new retail, then the price would have exploded. It did not
If the ETF inflows was all new retail, then the price would have exploded. It did not
Posted on 11/11/24 at 10:30 am to UltimaParadox
quote:No shite, there is a fixed supply. In order for ETFs to buy, it has to come from somewhere (i.e. exchanges and hodlers)
Once again taking a look at price action and outflows from major exchanges it is a combination of the facts.
A large majority of the settling of the ETF purchases has come OTC. Little price movement when that happens.
This post was edited on 11/11/24 at 10:31 am
Posted on 11/11/24 at 10:54 am to UltimaParadox
quote:We don’t have to guess. There’s been net positive inflows of $25.8B as of last Friday. That counts the outflows from GBTC.
Cant say I disagree, however looks like more like massive exit from high fee funds like GBTC and exchanges to these ETFs. Thus no explosive growth in price action. More like shuffling the deck of the already established holders
I’ll be a good sport and point you in the direction of a passable argument. You could argue that people might have moved from self custody and into ETFs which diminishes the significance of the ETF inflows. I have no idea if that’s accurate but I think I’ve at least heard a person or two suggest there was some truth to it.
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