The auditing of coinbase is for their financial statement and “control” over client’s addresses, whatever that means. They can still play with the utxo, nobody is checking that. Until they have a full proof of reserve + proof liabilities, we simply don’t know what coinbase does with your btc.
Further proof is how coinbase ALWAYS stop trading during big swings, they simply don’t have the bitcoins they claim they have…
The buy pressure is $-denominated (and fluctuates). The miners may produce 450 Bitcoins a day but they sell more or less depending on how attractive the market price is to them. Some sell all Bitcoins, some keep profits in Bitcoin, some even burn VC money and keep all the Bitcoins - which also means that some miners can sell a lot more Bitcoin in a given day than the mining proceeds.
But all in all I would argue that this doesn’t have a large impact, because the existing supply of Bitcoins is so much larger than whatever is mined in a day that the price is mostly driven by speculation. And of course all the “halvenings” are known to happen and supposedly priced in all the way up to when there’s no more new Bitcoins.
So you seem pretty bullish but this is Day 12 after the ETF launch and I would expect the “buy pressure” to go down from here not up and it hasn’t even managed to push the price up in a meaningful way.
I think it’s a wrap. No more new suckers to be found from “institutional demand”.
Unless I’m misunderstanding something this means roughly 1.6M$ worth of Bitcoin was bought.
I find it hard to rely on the ledger data, since one user can have many wallets. Ideally we’d know something like the number of people who created a transaction in the past month, even if restricted to certain countries, and see whether that number actually grows. I suspect that in some countries it actually went down from the peak.
This is terrible news for BTC. Clearly, one fund alone doesnt have any impact at all but if more and more funds / institutionals add bitcoin to their asset allocation; this will kill the asset. Why?
Static asset allocation is a strong driver that mutes volatility and return. If BTC goes up more than a balanced Portfolio, all these investors sell BTC to re-balance. Once a decent share of BTC was held in Balanced Portfolios; BTC may no longer go crazy. And once it (from a return point of view) turns as boring as shares - people will start to question why they added it to their asset allocation and sell. Or at least they don‘t rebalance BTC up again if lost vs. The Portfolio. This may push the asset further down until eventually, the entire asset becomes a return drag and disappears in meaninglessness. Wouldnt be the first asset to long term follow such cycle.
Conclusion: BTC is interesting as an asset UNTIL large Investors have added it to their Strategic Asset Allocation only. Once this happened, its a terrible Investment. Given that adoption is happening these days yet the BTC price remains static - I fear that this adoption will not deliver massive gains either. So its probably not even worth holding it short term, as a tactical investment.
Interesting point of view 
Thinking about selling my cryptos (ETH) and investing it all in UPRO.
Hmm, on one hand, a push to crypto market is not bad. On the other hand, a crash of stocks market is not what we need now. Oh, well, I still have 20 years to accumulate.
BTW I have just understood why sometimes crypto and stocks are correlated, sometimes not.
I am not a fan of Etherum but you never know so I have a small allocation, in May we expect the launch of the eth etf with yield from staking… (blackrock wants it and sec follows 
)
I see what you mean, but I guess that the point of being pseudo anonymous, you can’t tie wallets with people and so on. We also don’t have visibility on offchain transactions or layer 2, so it is quite complex. We have data by country but I don’t trust them.
Many indicators still give you a good idea on the health of the system, like number of nodes, transactions, volume, hash rate etc.
As an example, we have 57k transactions waiting in the mempool at the moment (quite high based on an average day), hash rate is going parabolic and volume is up +41% (!!!) in 24 hours.
So people in this forum calling it “soon to be dead” really don’t know what they are talking about 
So I‘m here on Koh Chang in Thailand and this woman is telling us about why we should invest in BTC now and how it will just keep rising.
Is this maybe a sign to sell? Lol.
Wait, in the classical version you have to hear it from your hairdresser.
My barber is DCA since i told him: my cut goes straight into btc and he is up 150%
Hmm, this is an interesting situation when a haircut increases the value of an investment…
I think that’s the problem I have, I can’t really trust that these numbers reflect actual usage by the population at large. The crypto market is full of wash trades and similar practices, Tether is still standing even though it’s super shady, and it’s unclear what’s left if you remove that and focus on actual usage.
50k. 
Related stocks like MSTR and CLSK are CLSK are also pumping 40-100% in 1W.
There is $30-60b of volume every single day, weekend included. You can’t put that on tether. Same for hashrate, this is very concrete.
Anyway, I hope everyone here is closer to FIRE with this beautiful pump. It was the easiest to predict.
Fire: low interest loans against your stack
