🔍 Is Bitcoin Stuck? 🚧 Let's Uncover On-Chain Secrets!

Summary

In this video, the host discusses the current state of Bitcoin, noting the market's equilibrium with no immediate pressure to rise or fall. They cover recent news, including Bitcoin's addition to the Oxford English Dictionary 11 years ago and the upcoming introduction of Bitcoin index options by NASDAQ. The host questions the lack of transparency in ETF Bitcoin addresses and speculates on the large inflows into Bitcoin ETFs despite price stagnation. They also analyze various charts, indicating a potential upcoming shift in the market and the possibility of an undervalued Bitcoin.

Takeaways

• 📅 The video is discussing the current state of the Bitcoin market on a Tuesday, noting that the term 'OCT' has become significant but will be discussed the next day as 'OCTA'.
• 🧘 The speaker introduces the topic of market equilibrium, explaining it as a state of balance in the market with no immediate pressure to move up or down.
• 📈 The Fear and Greed index is mentioned as rebounding from 26 to 48, indicating a shift in market sentiment.
• 🗞️ Historically, Bitcoin was added to the Oxford English Dictionary 11 years ago, with a basic definition that aligns with its foundational principles.
• 📊 NASDAQ is seeking SEC approval for Bitcoin index options, which could enhance liquidity and provide new hedging tools for traders, attracting more institutional and retail investors.
• 💰 The speaker questions the transparency of ETFs, particularly why they do not disclose Bitcoin wallet addresses, which could verify holdings and build trust.
• 📉 Despite significant investments by Black Rock into Bitcoin, the market price has not risen, leading to discussions about market manipulation and the need for transparency.
• 📊 The script discusses various charts and metrics indicating a current state of equilibrium in the Bitcoin market, with low volatility and a lack of significant price action.
• 💡 The idea that elections may influence Bitcoin's price is explored, suggesting potential rises post-election based on historical patterns.
• 📉 The script mentions the decline in Bitcoin's network hash rate, which could be a positive sign for miners as it may indicate less competition and potentially higher profits.
• 💸 There is a significant amount of Bitcoin being removed from exchanges, raising questions about who is accumulating these assets and the potential impact on market liquidity and price.

Q & A

What is the significance of the term 'equilibrium' in the context of the video?

In the video, 'equilibrium' refers to a state in the market where there is no immediate pressure for prices to go up or down, indicating a balance. The speaker uses this term to describe the current state of the Bitcoin market, which appears stable but with underlying dynamics at play.

Why did the speaker decide to call the video 'equilibrium' instead of 'manipulation'?

The speaker chose the title 'equilibrium' over 'manipulation' because they do not create clickbait titles. 'Equilibrium' better reflects the state of balance and lack of immediate pressure in the market that they wish to discuss.

What is the historical milestone mentioned in the video about Bitcoin?

The historical milestone mentioned is that Bitcoin was added to the Oxford English Dictionary exactly 11 years ago from the date of the video, with the definition being 'a system of electronic money without the need for a central bank.'

What is the importance of Bitcoin options being sought by NASDAQ?

Bitcoin options, if approved by the SEC, would enhance liquidity and provide new hedging tools for traders. This move is expected to attract more institutional and retail investors by offering sophisticated risk management tools, thus aiding the maturation of the digital asset market.

Why does the speaker express concern about the lack of transparency in ETF addresses?

The speaker is concerned because the disclosure of Bitcoin wallet addresses by ETF providers would enhance transparency and trust. It would allow investors and the public to verify holdings on the blockchain, mitigating concerns about fraud and rehypothecation.

What is the significance of MicroStrategy being added to the NASDAQ 100 QQQ index?

MicroStrategy being added to the NASDAQ 100 QQQ index is significant because it is the largest publicly traded Bitcoin holder. This could coincide with the company's potential addition to the S&P 500, indicating a substantial recognition and influence of MicroStrategy in the market.

What does the speaker mean by the 'Bitcoin Flatline'?

The 'Bitcoin Flatline' refers to a period of low volatility, excitement, and price action in the Bitcoin market. The speaker uses this term to describe the current state of equilibrium where the market is neither showing significant bullish nor bearish trends.

Why does the speaker believe that the realized cap to market cap ratio is important?

The realized cap to market cap ratio is important because it provides insight into the market's profitability and the value of Bitcoin changing hands at higher prices. A high realized cap indicates that a lot of new hands are involved, and Bitcoin is being traded at higher price points.

What does the speaker suggest about the current state of Bitcoin ETFs and their impact on the market?

The speaker suggests that despite significant inflows into Bitcoin ETFs, the price of Bitcoin remains stagnant, which is unusual. They question the transparency of ETFs and the impact of their activities on the market, hinting at potential manipulation or market makers' strategies.

What is the significance of the decrease in Bitcoin exchange reserves mentioned in the video?

The decrease in Bitcoin exchange reserves to 5-year lows signifies that a large amount of Bitcoin is being taken off exchanges. This could indicate accumulation by long-term holders or large investors, which might suggest a belief in Bitcoin's future value and a decrease in sell pressure.

Outlines

00:00

📈 Market Equilibrium and Bitcoin Dynamics

The speaker introduces the video, mentioning the shift from 'OCT' to 'OCTA' and emphasizing the current state of market equilibrium. They discuss the balance in the market with no immediate pressure for price changes, and hint at underlying dynamics to explore. The speaker also addresses the audience, thanks the moderators, and clarifies that the content is not financial advice. They highlight the importance of transparency in ETFs, particularly in sharing Bitcoin wallet addresses, to build trust and align with Bitcoin's ethos. The segment ends with a commentary on a tweet about BlackRock's investment in Bitcoin and the apparent lack of price increase, questioning the transparency and potential manipulation in the market.

05:01

📊 Analyzing Bitcoin Market Indicators

This paragraph delves into various Bitcoin market indicators, starting with the fear and greed index's rebound, signifying a shift in market sentiment. The speaker commemorates the 11-year anniversary of Bitcoin's inclusion in the Oxford English Dictionary and discusses the significance of NASDAQ's pursuit of SEC approval for Bitcoin index options, which could enhance liquidity and provide new hedging tools. They also express frustration over the lack of transparency in ETFs, advocating for the disclosure of Bitcoin addresses to verify holdings on the blockchain and prevent fraud. The speaker speculates on the source of Bitcoin for large investments like BlackRock's and the implications of such large transactions on market dynamics.

10:04

💡 Spotlight on MicroStrategy and Market Equilibrium

The speaker shares news about MicroStrategy's potential inclusion in the NASDAQ 100 QQQ index, highlighting its status as the largest publicly traded Bitcoin holder. They discuss the implications of this event for MicroStrategy and the broader market, suggesting it could coincide with the company's potential addition to the S&P 500. The paragraph also covers the concept of market equilibrium, using charts to illustrate Bitcoin's current position in its pricing cycle, and discusses indicators such as net capital flows, realized cap, and investor probability resetting to equilibrium, suggesting a period of stability or indecision in the market.

15:05

📉 Bitcoin's Price Action and ETF Inflows

The speaker examines the discrepancy between substantial inflows into Bitcoin ETFs and the lack of a corresponding increase in Bitcoin's price. They explore various charts and data points, such as the Bitcoin relative strength index, long-term holder SOA, and the hash rate, to understand the current market state. The speaker also discusses the potential impact of the upcoming election on Bitcoin's price, referencing historical patterns that suggest a possible rise in value after the election period. Additionally, they touch on the low levels of Bitcoin reserves on exchanges and the significant amount of Bitcoin being removed from these platforms, hinting at a potential accumulation by large holders.

20:07

🌐 ETF Transparency and Bitcoin's Future Outlook

In the final paragraph, the speaker reiterates the call for transparency in ETFs, urging them to disclose their Bitcoin addresses. They analyze the recent trend of Bitcoin being taken off exchanges and question the source of such large volumes. The speaker also presents various predictions and targets for Bitcoin's price, suggesting that despite current stagnation, there may be potential for significant growth. They end the video with a summary of recent ETF flows and their impact on the market, expressing curiosity about the future price movement of Bitcoin.

Keywords

💡Equilibrium

Equilibrium in the context of the video refers to a state of balance in the market where there is no immediate pressure for prices to go up or down. It is a key concept because the video discusses the current state of the Bitcoin market, suggesting that despite significant capital flows and other dynamics, the market is in a state of equilibrium, not showing drastic movements. The term is used to describe the overall market sentiment and price stability.

💡Fear and Greed Index

The Fear and Greed Index is a measure of market sentiment that indicates the level of fear or greed among investors in the market. In the video, it is mentioned that the index has rebounded, suggesting that the sentiment is shifting from fear to a more positive outlook. The index is important as it reflects the collective emotions driving market behavior, with a rise from 26 to 48 indicating a significant change in investor sentiment.

💡Bitcoin ETFs

Bitcoin ETFs, or Exchange-Traded Funds, are investment funds that track the price of Bitcoin and are traded on stock exchanges. The video discusses the significant inflows into Bitcoin ETFs, which is an indicator of growing institutional interest in Bitcoin. The mention of BlackRock investing heavily in Bitcoin through ETFs exemplifies this trend and raises questions about transparency and the impact on market prices.

💡Transparency

Transparency in the video is discussed in the context of ETFs disclosing their Bitcoin wallet addresses. The speaker advocates for transparency to enhance trust and allow verification of holdings on the blockchain. It is a central theme as it relates to the integrity of the market and the need for openness in financial dealings, especially in the cryptocurrency space.

💡Liquidity

Liquidity refers to the ease with which assets can be bought or sold in the market without affecting their price. The video mentions that the introduction of Bitcoin index options on NASDAQ will enhance liquidity, which is crucial for the market's health. Improved liquidity can attract more investors and facilitate smoother trading, which is beneficial for market participants.

💡Hedging

Hedging is a risk management strategy used to protect against potential losses in an investment. In the context of the video, the introduction of Bitcoin index options is seen as providing new hedging tools for traders. This is significant as it allows for more sophisticated risk management, which can be particularly useful in volatile markets like cryptocurrency.

💡MicroStrategy

MicroStrategy is a company known for its significant investment in Bitcoin. The video mentions that it is likely to be added to the NASDAQ 100 QQQ index, which is a notable event as it signifies further mainstream acceptance and integration of Bitcoin into traditional financial markets. The addition could potentially influence the company's and Bitcoin's market perception and value.

💡Hash Rate

The hash rate in Bitcoin mining refers to the computing power dedicated to securing the Bitcoin network and processing transactions. A fluctuating hash rate, as mentioned in the video, can impact the difficulty of mining new blocks and the profitability for miners. The video notes a slight decrease in the hash rate, which could temporarily benefit miners by reducing competition.

💡Realized Cap

The realized cap is a metric that represents the total value of all mined Bitcoin at the time of their last movement. It is highlighted in the video as being at an all-time high, indicating a significant amount of Bitcoin changing hands at higher prices. This metric is important as it reflects the market's activity and the value realization of Bitcoin holdings.

💡Volatility

Volatility in the video refers to the degree of price fluctuation in the market. The speaker anticipates that the current period of low activity and reduced speculative interest could precede a period of increased volatility, often referred to as 'the calm before the storm.' This concept is integral to understanding market dynamics and potential future price movements.

💡Long-term Holders

Long-term holders in the context of the video are individuals or entities that hold Bitcoin for an extended period, typically over 155 days. The video discusses a significant transition of supply to long-term holder status, indicating a belief in Bitcoin's long-term value. This shift can impact market dynamics as it suggests a decrease in selling pressure and potential for price stability or growth.

Highlights

Introduction to the concept of market equilibrium and its relevance to current Bitcoin dynamics.

Acknowledgment of community support and Patreon contributions, including a welcome to new member Leroy Jenkins.

Bitcoin's Fear and Greed index rebounding from 26 to 48, indicating a shift in market sentiment.

Historical milestone: Bitcoin was added to the Oxford English Dictionary 11 years ago.

Announcement of NASDAQ seeking SEC approval for Bitcoin index options, potentially enhancing liquidity and providing new hedging tools.

Discussion on the importance of ETF transparency and the call for Bitcoin wallet addresses to be published for verification.

MicroStrategy likely to be added to the NASDAQ 100 QQQ index, highlighting its status as a major Bitcoin holder.

Analysis of current Bitcoin market trends, including the shift of supply to long-term holder status and reduced leverage in the perpetual swap market.

Realized cap hitting an all-time high of $619 billion, driven by significant net inflow since the December 2017 low.

Investor sentiment resetting to an equilibrium, suggesting a cooldown after the ETF launch excitement.

Low volatility and lack of price action, described as the 'Bitcoin Flatline', indicating a period of stability.

Decreasing market leverage and traders' reduced appetite for higher risk positions, suggesting a significant reset in speculative interest.

Long-term holder SOA signaling equilibrium, with decreased selling pressure from long-term holders.

Highest inflow in over a month for Bitcoin ETFs, with significant capital inflows despite price stagnation.

Global network hash rate fluctuations and their impact on miner profitability.

Historical patterns suggesting potential post-election Bitcoin price increases.

Analysis of Bitcoin reserves on exchanges hitting 5-year lows and the implications for market liquidity.

Grayscale's Bitcoin holdings and the recent slowdown in outflows, indicating a potential end to the selling pressure.

Closing remarks encouraging viewers to engage with the content and seek further understanding of the current Bitcoin market situation.

Transcripts

hello everybody Welcome to today's story

today is Tuesday it's normally OCT today

OCT has become really big so I'm going

to do OCTA tomorrow so stay tight for

that but this is something that I do

want to talk about and I was going to

call this video manipulation but I don't

do clickbait titles so clickbait titles

so I resorted calling it equilibrium

because that's a lot of kind of what I

see right now but uh when markets are in

equilibrium it shows a state of balance

no immediate pressure to go up or down

but we'll look at some of the Dynamics

that are happening behind the scenes as

well as some stuff we need to dig into

so let's go thank you as well to the

moderators in the chat and this is not

Financial advice and my microphone is

too low hopefully it's better now okay

and of course to

patreon thank you all thank you Leroy

Jenkins just joined the patreon party

thank you Leroy for being part of the

team let's go and welcome to what people

not call the best Bitcoin Show on Earth

let's get into the bitcoin news first

some very good breaking news first of

all fear and greed is rebounding a

little bit it went down to 26 now it's

at

48 we're making it happen thank you

Linda and Nick Linda and USA and Nick in

Canada I love seeing people from all

over the world but there's more a lot

more 11 years ago this is a fun piece of

history from Rizzo exactly 11 years ago

today Bitcoin was added to the Oxford

English Dictionary and the definition

was a system of electronic money without

the need for a central

bank pretty crude definition but it

works it works for me and uh well done

it's amazing to think that it was around

for 14 years over 14 years and it took

over three years before the term Bitcoin

got added to the dictionary

so like everything in life sometimes

things are a little bit slow also other

great news for us Bitcoin options are

incoming NASDAQ seeks SEC approval for

Bitcoin index options now why is this

important well these options of course

they probably be based on CME uh

realtime index but providing realtime

pricing data for Bitcoin Futures and

options contracts on the C platform will

help Bitcoin because the introduction of

Bitcoin index options will enhance

liquidity and provide new hedging tools

for Traders like myself and uh this move

is expected to attract more

institutional and Retail investors by

offering sophisticated risk management

tools yes thereby helping the maturation

of the digital asset and again the more

risk management tools are in there the

more money it attracts and it also help

transform how investors engage with the

cryptocurrency market market and uh

especially for us who play with more

let's say nuanced option strategy so

this is extremely good news as well

especially if it comes to hedging things

like bare markets very exciting I just

hope they can get it out soon unless I

wait but there are other ways to hedge

too so don't worry too much about that

now yesterday last night I did tweet

this and I normally don't look at tweets

after done but that one nearly has a

quarter of a million views in a few

hours and uh I said kind of big news

Black Rock dropped nearly a quarter of a

billion dollars on bitcoin yet prices

are down is the game rigged crypto

conspiracy Bitcoin Finance

Etc what the hell is going on we had two

very big ETF days in a row to the tune

of nearly half a billion dollars and the

price is

down and when I see that happening it's

like you know we know a lot of the big

flushes happen and the big sellers have

happened and we look at Bitcoin

disappearing off

exchanges how come the price is down and

I know my audience feel the same pain

everybody's like what's going on here

should we be

suspicious well it goes back to the same

old thoughts I've had before and you

know we have the technology I have no

idea I'm gonna say some pretty strong

words here no idea why

ETF addresses are not shared by these

ETFs bitwise the only one that does it

properly and Publishing Bitcoin

addresses is crucial to enhance

transparency and Trust in this space if

they disclose their Bitcoin wallet

addresses ETF providers will allow

investors and the public to verify

Holdings on the blockchain and this

transparency will really help us kind of

align the whole ethos of what Bitcoin is

like I don't know why the SEC when they

approved them in the first place didn't

mandate this okay we need openness we

need tracability and it'll Mi mitigate a

lot of the concerns about fraud and

rehypothecation and all that good stuff

too bitwise shout out to bitwise born in

crypto born in blockchain is the only

ETF provider known to have disclosed

their addresses and by the way I think

you know I think people need to come

together and exert some pressure on

these other ETF players to also have

that same level of

transparency I I don't know why not and

I will say this as well if you are

considering buying an ETF buy bitwise

okay buy bitwise hopefully if everybody

did that that would force the hand of

the other players too so anyway just

thinking out loud but you know Black

Rock spent half a billion dollars on

Bitcoin in two days

what do they buy where is it where do

they get it from I mean why is there so

much Cloak and Dagger stuff I don't

understand these are just alleged ideas

in my small little mind I could be

completely off Bas

and I should not verify I should just

trust make sense no it doesn't so anyway

moving on uh another good news too sorry

about that sorry about going a little

bit long on that but I mean why are

these addess is not published anyway

back to others micro strategy is likely

going to be added this from Jeff be

added to the NASDAQ 100 QQQ index on

December 13th 2024 lucky 13th we hope

and by the way this is the largest

publicly traded Bitcoin hodler as we

know and it could be added to the fifth

largest index ETF in the world and

remember the QQQ is only 100 names

that's how big micro strategy is now and

I know this could coincide with the

stuff I've been talking about for quite

a while too addition to the S&P 500 I

mean it's ranked number 300 now so why

it's not even there well I do know it's

accounting rules regulations Conformity

waiting for the S&P 500 to make a

decision and having four consecutive

quarters of profit which could happen if

they change the accounting rules anyway

that's the news let's see if this

happens that would be Bonkers for micr

strategy into the end of the year let's

get into some charts and this is where

I'm going to talk a lot about

equilibrium and where we are right now

first of all let's check in on our

Matrix this is kind of like my little

90-day box that I put together post

having to identify floor roof resistance

and see where we are today and it'll

give us a little bit of perspective by

the way we are exactly 40 days after the

90 days or 130 days after the having we

are about $4,000 off the floor but sadly

we're $10,000 off the high so we're like

like in the bottom third of the box

right now and it's choppy and it's

sideways and we had a little bit of a

rebound a few hours ago we at 64,000

nearly

$65,000 but we fell out of bed again

despite a lot of money going into the

ETF which we'll talk about in a few

minutes crazy let's dig into exactly

what is causing this and what's going on

first of all the net capital flows into

Bitcoin have slowed this is net capital

so this should take into account

everything the ETFs Etc but with only a

minimal profit and loss taking the

primary uh primarily among short-term

holders there is a huge portion of the

supply that's transitioning right now to

long-term holder status that's the 155

days plus and speculative interest in

the Perpetual swap Market is also cooled

indicating reduced leverage and

historically such periods of low

activity often precede increased

volatility I call it the cam before the

storm we'll see if that happens but

despite the Slowdown the realized cap

remains at an all-time high of $619

billion driven by a $217 billion net

inflow since the December 20122 low a

lot of new hands a lot of Bitcoin

changing hands at higher prices that's

why this realized cap has gone up a lot

especially when you Benchmark it against

actually I need to create a new ratio

and that is a ratio of realized cap to

market cap and create that as a cool

little chart that's a good idea let me

work on that later today also investor

probability has reset to an equilibrium

this suggests that the profitability has

essentially reset to that equilibrium

position and that the excitement and the

exuberance after the ETF launch has

cooled off completely again yet another

sign that we are I made a tweet last

week I called it beep but kind of the

Bitcoin Flatline that's where we are

equilibrium Flatline lack of volatility

lack of excitement lack of

enthusiasm lack of price action how long

can this last I don't know and spending

is now happening at cost basis shout out

to the Glau team who puts these

brilliant charts together but low values

indicate most most coins are being spent

relatively close to their Break Even

cost basis so people jump into Bitcoin

and say you know what ah hasn't done

anything I'm going to sell at the same

price I paid for it and move on to

something else and this condition often

signifies an exhaustion of profit and

loss within the current price range and

usually describes low volatility

environment thank you so much Yuna for

coming so again more D equilibrium also

Market Leverage

and people always I don't know how to

say leverage leverage I don't know which

is right who cares um let me know in the

comments below if you can help me

pronounce it correctly but we can also

look into the ratio between the price

and net liquidation volume volatility

for a relative read on the Market's

appetite for leverage and while we find

that this ratio is declining towards

levels not seen since February

20122 as indicated by that dotted line

on the chart here this means Traders are

less willing to take on higher risk

positions suggesting there's been a

significant reset in speculative

interest so yet another equilibrium boom

this good news about this though when

this happens it means the spot Market is

in control that means those people

buying spot are now back in the power

seat if they step into the market of

course we'll see and shout out to plan

B he also says we are in equilibrium but

from a different perspective he looks at

the Bitcoin relative strength index and

you can see here we are in a very

similar pattern to previous Cycles

except after some dark red dots we

normally go parabolic that hasn't

happened yet remember markets move in

Cycles you know Bull and Bear Market

we're in a bull market greed and fear

you know we're kind of middle of the

road almost equilibrium like on fear and

greed just like the low and high tide

and this is I think Plan B refers to

this as human behavior that will never

change and right now we are stuck in the

middle again equilibrium between greed

and fear and we just had fear bear so

greed bull is next per plan B and uh

we'll see this is the relative strength

index bang in the middle that has to go

higher and if it doesn't this time is

very different which would be unusual

anyway long-term holder SOA as well uh

also

it signals an equilibrium the selling

pressure from long-term holders has

decreased 3.7 times from the 69k level a

reminder selling anything below that

1.0 Mark is selling at a loss and again

it shows you people aren't selling a

loss and not a lot of selling happening

too at this stage now while all of this

is happening sorry about all these

unchain charts but they tell a very

interesting story we have the highest

infl flow in over 1 month Bitcoin ETF

sold a 252 million flow on Friday and

another 200 plus yesterday that's the

highest over a month back to back okay

huge inflows nearly half a billion

dollars and this comes after Fed chair

pile gave the green light for the first

cut in four and a half years meanwhile

Bitcoin prices are down we did hit 64

65k a few hours ago but again crypto is

down

despite all that good news what's going

on I don't know we'll see we'll get to

the ETF black hole in a minute but

before we do this is the hash rate now

bitcoin price action in Bitcoin and hash

price the global Network hash rate has

oscillated between 633 xash and 650 x

aash throughout the week and the 7day

simple moving average is about 5% below

its all-time high of 680

recorded on July 26th so we're down a

little bit which is good

too now so the miners can make a little

bit of Bank the higher the hash the more

the miners have to struggle and the less

money they make anywh who let's get into

some fun charts to get us all a little

bit excited it's election time all over

the planet but this is from VC he says

every single time Bitcoin after the

election runs up

now it's funny because you look at these

previous Cycles 2016 2017 which many say

is most similar to the current White

cycle on the chart here if that happens

we're not going to see a parabolic rise

after the election until about 20 weeks

to 24 weeks later call that 5 to 6

months that would take us maybe

to March April May time frame but if we

look at the 2020 2021 cycle in green

which may have some similar instances

because of money Printing and the amount

of money printing is going to happen it

could kick in in November and go nuts

absolutely nuts up until March the

question is which framework will we look

at how will it pan out I'm not sure

either way I think there's about 80 days

left to the election maybe less 75 days

and then we put our seat belts on what's

going to happen between now then I'm not

sure sure but basically if you ask me I

think Bitcoin is a little bit

undervalued right now also from AO Oran

Ohio this is per him the most beautiful

and Powerful part of bitcoin's Bull Run

and it begins now to Target the big

swing time and this target if history

repats per these

circles we could go to 400,000 I don't

see is going to 400,000 especially not

with this level of manipulation but we

can always dream can't we I still remain

if we're lucky 120k and then beyond that

is gravy but again I like to sandbag

stuff a lot let's talk about

exchanges and how much is left because

the stuff is being sucked up where is it

coming from that's why I want

transparency with the ETFs uh per

Bitcoin Monger exchange reserves hit

5year lows okay that was a couple of

days ago

guess what just happened yeah someone

just pulled another 46,000 Bitcoin off

exchanges and there today so the

question is who is pulling it off the

exchanges could it be maybe somebody

like Michael sailor or somebody else

like that I'm not sure but this is big

let's check in with Marty Marty did

share this list of the continuing

coverage of Bitcoin reserves some people

call them ultra low coinbase is is now

under

1,840

actually is a little bit hard to see but

binance is down 441 44 sorry 44,000

Bitcoin I think and they had to move

30,000 from their personal coal storage

to support exchange liquidity something

is happening and something has been

recently triggered I'm going to blow up

that table with the exact numbers so you

can see for yourselves and the question

is where is everything going there's

coinbase Pro 840,000 binance 564 bitf

402 and then Kraken 134 Etc the point is

the top three pretty much hold

everything and that adds up to about 2.3

million now I just do want to emphasize

something here even though those 2.3

million exchanges some of this could be

held in custody on behalf of clients and

there could be people like you and I

that maybe have a bigcoin on an

exchange not good advice by the way but

if you did odds or you don't want to

sell it either so it doesn't mean if

it's on an exchange or there's stuff

there on the exchanges that it's

available for sale because odds are the

majority of it is not the question is

where is all the stuff coming from and

just as a reminder as well Michael

sailor is going to drop $2 billion in

Bitcoin that's 33,000 and we have about

7,000 was bought by the

ETFs 7,000 in the last 7 Days 7,000 plus

33,000 is how much 40,000 Bitcoin that's

a lot where's that going to come from

you know we did see 6 46,000 Bitcoin

just leave the exchanges I don't know if

there's a relationship between those two

I don't think so anyway we got to watch

this carefully and again ETFs be

transparent share your bloody

addresses shout out to bitwise one more

time now Bitcoin on playist will be here

after the video end at the end of the

video let's get into the black hole and

see if we see any patterns here this is

the wrong I said 7,000 last week it's

8,000 Bitcoin I Was Wrong by nearly a

thousand whoops

anyway that is a big truckload of

Bitcoin that has been sucked in by the

ETFs over the last seven days ladies and

Gentlemen let's look at the number flows

sleepy August has sucked in

$600 Million worth so it hasn't been

that bad at all for the ETFs yet price

remains

stagnant that's happening now August

rebound is continuing we had the biggest

day in over a month actually back toback

big days too over a quarter of a billion

on Friday another 203 million yesterday

nice numbers but price still sucks

tomorrow I will update my chart that

shows you the actual price correlation

and calculate between the actual ETF

flows and bitcoin price because it is

broken down and I don't know why unless

they're sitting on cash and waiting for

the price to complete the tank or market

makers are manipulating something I'm

not sure but something funky is going on

and I don't know why also this is how

many Bitcoin were taken from the system

yesterday

3,222 you cannot make that number up and

that's on top of 4,000 from the day

before again interest in time nearly

eight times the daily

issuance crazy to think about and

wouldn't be a proper Bitcoin video

without a mention of grayscale have they

bled out well per this little chart that

we

created the bleed has surely slowed a

lot they had the odd big day they had

that really big day uh about two weeks

ago but since then it's either flat or

zero or slightly positive so a lot of

the big dump that came from the Great

scale train I believe is now over thank

goodness fingers crossed just in case

hope you all like the show hit the like

And subscribe if you do if you like

Bitcoin content let's try to get to the

bottom of what's exactly going on with

the price and the ETFs and everybody

else thank you TD Tesla sh and Donell

and everybody else for coming have a

good day bye-bye

[Music]