Bitcoin 30 min chart
Bitcoin is up nearly 4% and at the highs of the day at $47,655.
Money is rolling in with the ETF hype-machine peaking as trading is set to start at the bottom of the hour. The question is whether this will be a sell-the-fact trade or not.
One spot to watch will be GBTC, the Grayscale Bitcoin Trust. It traded at a 7% discount to NAV yesterday and that should presumably close at some point. If it does, look for money to cycle out of its high-fee (1.5%) structure to others charging 0.2-0.3%. That will create some confusing flows for those who are trying to track total AUMs in all the bitcoins.
What’s I’m asking is: What will be the incentive to by bitcoin next week? The halving is coming but is that going to hold up the market for three months?
