Tue, April 16, 2024 at 18:47

• 

  Joy

  • Hey Annie!

  • Got some hot news for ya.

  • You know Bitcoin, right?

  • Well, there's been a surge in the number of newly created Bitcoin whales.

  • They're holding a record amount of BTC, almost controlling 9% of the total supply!😲

  • 
• Annie

  • Wow, really?

  • That's a lot of Bitcoins!

  • So, who are these whales exactly?🤔

  
• 

  Joy

  • Good question!

  • These whales are short-term holders who've been holding their coins for less than 155 days.

  • They now hold 9% of the circulating supply, which is about 1.8 million BTC.

  • That's a lot of dough, right?💰

• Annie

  • That's insane!

  • But what about Bitcoin ETFs?

  • I've heard there's been a lull in demand for them.📉

  
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• 

  Joy

  • Yeah, you're right.

  • Despite the stagnation in Bitcoin ETF demand for about 4 weeks now, on-chain accumulation of BTC is still very active.

  • It's like the party never stopped!🎉

• Annie

  • Hmm, interesting...

  • But why are there zero flows in many ETFs?

  • 

  • Is that normal?🧐

  
• 

  Joy

  • Ah, good catch!

  • According to Bloomberg ETF expert James Seyffart, it's pretty standard for many ETFs to have zero flows on any given day.

  • Shares of the product will only be created if there's a mismatch in supply and demand.

  • It's all about balance, you see.

  • ⚖️

• Annie

  • I see...

  • So, these creation units, they're the lots that ETF shares are created and redeemed in, right?📊

  
• 

  Joy

  • Bingo!

  • You got it, Annie.

  • In the case of spot Bitcoin ETFs, they're blocks of shares ranging from 5,000 shares to 50,000 shares.

  • A creation or redemption will only happen if there's a large enough mismatch in supply and demand.

  • It's all about finding that sweet spot!🎯

• Annie

  • Got it!

  • So, how's Bitcoin doing now?💹

  
• 

  Joy

  • At the time of writing, Bitcoin is trading at $61,904.

  • It's correcting from nearly $74,000.

  • 

  • Quite a rollercoaster ride, huh?🎢

• Annie

  • Definitely!

  • So, is this news good or bad for the market?📈📉

  
• 

  Joy

  • Well, it's a bit of a mixed bag.

  • On one hand, the rise of new Bitcoin whales could indicate a strong demand for Bitcoin.

  • But on the other hand, the stagnation in Bitcoin ETF demand could be seen as a negative sign.

  • 

  • As always with investments, there's a bit of risk involved.😅

  • To sum up, this article is considered a 😱Bearish for investors!!