IBIT

hakobpapazian

This is the right way to read it, and the funding plus OI combination is the tell most people miss. Low funding with falling OI on an "inflow" day usually means shorts covering, not longs initiating, and that distinction is everything. Short covering mechanically looks like buying, price ticks up, but there's no new leveraged demand underneath it, so it stalls the moment the covering's done. That's why the streak breaking isn't bullish on its own. Your funding comparison to Jan and April is the sharpest part. A real breakout needs funding to actually expand because new longs are paying up to get positioned. 0.01% versus the 0.06% you saw confirm those moves tells you the conviction isn't there yet. The IBIT-only flow composition fits the same picture, one allocator rotating, not broad demand. Waiting for funding to spike or a second inflow week before calling it is exactly the right filter, the first green day is the one that traps people.

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Post is by: Direct_Band896 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1uiwkc5/the_13day_etf_outflow_streak_finally_broke_dip/ The spot ETF outflow streak ended at thirteen days on June 3, with $4.33 billion total leaving since mid-May. Then on June 12 we got a $145 million inflow day. The question is whether this is the start of a reversal or just a short covering rally before the next leg down. I pulled BTC funding rate data from Coinglass and a couple of exchanges I use to get a wider view. On BYDFi the funding hit around 0.01% when the inflow showed up on June 12. In real breakout scenarios in January and April, funding spiked above 0.06% within 48 hours of the first inflow day. The current level suggests this is more repositioning than new leveraged demand. OI is saying the same thing. Total perp OI for BTC is down roughly twelve percent from the May high. In January, OI grew into the breakout. In April, it stayed flat but did not drop. Now we are seeing lower OI combined with neutral funding, which usually means shorts are covering into weakness rather than longs piling in. The other thing that makes me cautious is the ETF flow composition. The June 12 inflow was mostly into BlackRock's IBIT, but FBTC and Ark's ETF still saw small outflows. That is not broad-based buying. It is one or two large allocators rotating, which can reverse just as fast. I am not short here but I am not adding size either. Waiting for either a second consecutive inflow week or funding to actually spike before calling this a bottom. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

Rusty_Bicycle

I decided that I should finally try investing in cryptocurrency (BTC). So, in early May, I bought some IBIT November put options with 30 strike price. If the Dems gain a majority in Congress, they’ll be digging into the use of crypto for money laundering, bribery, and tax fraud. I think BTC could get to 25,000 to 30,000 range. So far, I’m up about 85%.

Backrus

You're parroting KOLs' narrative. Nobody uses public blockchain for anything critical. Why would they? To get sandwiched by MEV bots? Or frontrun in mempool? Tokenization? Do you believe Tom Lee? Because institutions chose Canton, not premined ether. I wonder why. BTC failed all its narrative, and lost ability to generate upside volatility after IBIT options launched - so it offers 0 risk premium over US indices, while offering the biggest downside in the world. If you don't see how cooked this space is, I have a bridge to sell you.

AncestorFlat

In Fidelity, I sold IBIT ETF for a loss and bought back BTC ETF. Fidelity didn't flag it as wash sale.

cejocky

Can you sell puts on the IBIT?

tbiscus

Still doesn't seem like nearly enough capitulation. If there was one thing that points to "this time is different" it would be the presence of the ETFs which it least adds an element of "trading like a stock" to the equation. Indeed, eyeballing IBIT, I think it launched when BTC was approximately $50k and dipped briefly when BTC dropped to around $43k...oh look, two numbers folks often toss out as possible bottoms for this cycle (admittedly, $37k gets a lot of play too). I'm guessing Larry Fink isn't going to look forward to appearing on CNBC and answering the question "*How do you answer questions about why every single IBIT holder is underwater*?".

devCheckingIn

You can track IBIT flows here: [https://www.coinglass.com/etf/bitcoin](https://www.coinglass.com/etf/bitcoin) In both BTC and USD.

Romanizer

More people motivated to drive the price up. In the past, the main institutional market participants were exchanges. These earn money on volume. The more the better and it goes both ways. Now, ETFs dominate as institutional holder and they earn a fee on nominal holdings in USD. The higher the price and the more people buy, the better for them. As IBIT was already the revenue leader for BlackRock, they should be very motivated to feed this positive feedback loop.

Am_0115

Due to IBIT outflows.

LuckyWinds

> Why does it matter if it’s a third party? I literally could not care less. You might not care that you are completely reliant on third party businesses to facilitate practically every single transaction for you, others find issue with that. And transactions are just 1 use case of many. Not every use case will be applicate to every single person in the world and for every single instance. So of course some use cases (or even all use cases) will not be applicable to you. That's fine. > It’s just extremely niche The bitcoin ETFs were the fastest growing ETFs of all time. IBIT is Blackrock's most profitable ETF. So the worlds largest asset manager's most profitable ETF is...bitcoin. There are 37 bitcoin ETFs out there. Most major financial institutions offer bitcoin products. Bitcoin is one of the largest assets in the world. How is that "niche"? Bitcoin is pretty mainstream at this point.

coreytrevor

Why wouldn’t you just buy IBIT?

devCheckingIn

There's no bottom structure on the charts at all. ANOTHER 7,000 BTC were sold off from ETFs today (and that's before IBIT has reported). Clearly we're still in a momentum-driven market.

ElRiesgoSiempre_Vive

Oh wow... OK you really have no idea. "They" haven't invested billions into bitcoin ETFs. It's a fund that they think investors will want to buy, and those investors put their own money into it. Which is why you can go buy shares of IBIT right now. Why do they do this? Because the ETFs make money on each trade. Whenever someone buys or sells, they make a percentage. It really doesn't matter if bitcoin is $1M or $100k or $50k. They make money on the trades regardless. Sort of like sales tax. If you buy 100 candy bars at $1 apiece, you pay exactly the same amount in tax as if you buy one $100 candy bar.

LeloucheL

yeah just buy IBIT

verified_canadian

IBIT will eventually come back, just keep holding. ADA you're probably fucked.

devCheckingIn

Wow that is some candle for no apparent reason. Somebody must be dumping a ton of BTC again. Probably more IBIT puts.

vinkulafu

Darn, I chose crypto at the wrong time, as usual. Down on both ADA and IBIT.

Dull-Possession6087

How? I have IBIT leaps. Do you buy perp futures or leaps options?

Wolf-Safe

Same here. I went 30% BRKB and 30% IBIT both at their peaks. Now I am sitting with anxiety everyday. It's all in retirement so, I do have the luxury of time, and don't have to think about booking losses and taxes

Gh0st_Pirate_LeChuck

VTI dividends ex date is this Friday. I’m waiting on those dividends to buy more IBIT.

dataCollector42069

Took profit on IBIT short

dataCollector42069

IBIT puts printing LFG

devCheckingIn

IBIT is a seemingly endless source of supply.

ShittingOutPosts

You are paying fees for IBIT though. They charge an expense ratio, on top of bid ask spreads.

astronomicalgnar

IBIT does have a spread (bid-ask) and a 0.25% expense ratio.

didnt_hodl

why not let professionals do it for you? why not buy BITA instead of IBIT ? get 70% of BTC upside, while earning 13% when BTC is flat or down

Imaginary_Cow9217

You know what else is zero spread? IBIT and ETHA

Professional-Rule461

Nope, IBIT only down -3% vs -5% for MSTR! Working as planned.

Professional-Rule461

IBIT is holding much better than MSTR today. -3 vs -5 %

Short_Thanks8901

You're right that they don't market-buy on an app. Two separate problems, buying and storing, handled by two different setups. Buying: they use OTC desks, over the counter. You ask for a quote on a block, say 50 million dollars, and the desk fills it off the order book so it doesn't move the price against you. Run by the institutional arms of the exchanges (Coinbase Prime, Kraken) and independent desks like Cumberland and Galaxy. Retail buys at the screen price, they negotiate a block and settle privately. Storing: regulated qualified custodians, Coinbase Custody, BitGo, Fidelity Digital Assets, Anchorage. Keys split across multiple signers and locations, cold storage, insured, audited. A family office isn't holding a seed phrase in a drawer, they're paying a custodian who carries the liability. The ones who don't even want the keys just buy the spot ETF (IBIT and friends) and let BlackRock handle custody. That's a big chunk of the institutional flow you read about in the headlines, and it never touches a self-custodied wallet at all.

SirDaddio

At best with IBIT you're looking at a 2x with BTC back at 125k. Way more upside potential with MSTR in the long run.

Professional-Rule461

Why is everyone so confused. I bought IBIT. BTC rallies and I will benefit. Same thing just none of the MSTR overhang.

dataCollector42069

IBIT puts printing LFG

Professional-Rule461

Makes me wonder can the MSTR/IBIT combo be considered sufficiently different to execute the long term short term tax straddle? That can be a good strategy.

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Post is by: Professional-Rule461 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1ud0s71/why_i_bought_ibit_for_the_first_time_today/ I have a confession to make. I bought 500 shares of MSTR when it was at 260. I had been holding the bag and waiting for it to go back up. I had a huge fear of realizing the loss if I sold it. I believe in bitcoin going back up but the Saylor FUD is getting too much. Today I sold my 500 MSTR shares and bought 1400 shares of IBIT. I also bought 8x Dec 2027 IBIT calls at 50. I got money out from one end and deployed it back the other. BTC goes back up and I make up all the MSTR losses, the options give me convexity and leverage and I don't have to deal with the nonsense. I control my own portfolio. I hope this is helpful for anyone who is in my position. If you believe in btc I think this is the way. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

GilbyGlibber

They wouldn't have gotten into the business of IBIT if they thought it had no future.

thetatheropy

Uh huh. Who is left to buy? At each high since 2013 there are multiple pools of capital not aware or invested. Last cycle was ETFs, and government. Who is left? I have $20 puts on IBIT, roughly 45k BTC price.

devCheckingIn

IBIT with four straight days of inflows!

CatchAfilM

No one can tell if Bitcoin will go back up again, and if it will, then when. In your research did you find any solid statements from professionals on Wall Street about the asset? What do institutes say about the crypto market? Why the Bitcoin could go up again? Personally I DCA on Bitcoin ($IBIT) it doesn't make me nervous, and for the long term this asset could potentially benefit great yield.

BuyIndependent2319

I currently own over 900 shares of IBIT

keralaindia

Everytime I say all my bitcoin is in IBIT or exchanges, this is why.

AncestorFlat

I put $96k into IBIT right when Bitcoin hit $103k. The comments already confirmed I’m an idiot. I came here looking for solidarity, but now I’m not sure if it’s 'Idiots together strong' or 'Idiots together sinking'.

CraftyBrother6974

I just left the industry, was working as a trader at a startup that got aquired doing FX, crypto, and stable coin market-making, but got laid off. Historically I've done a combination of both. I have about 6 things I like to buy namely GOOG, AMZN, MELI, XYZ, IBIT, and HOOD. In the past I've DCA'd and bought what was beat up and I just adjust it sparsely. When the market is frothy sometimes I'm happy to just leave it as cash making 4%. I'd say 15-20% of my money is just in a robinhood savings account no risk earning 4.25%. I also never sell gains in my taxable accounts to avoid taxes so I'd probably rebalance my HOOD position if I could but I don't want to pay taxes on a 400% gain. Right now my DCA would be 50% MELI and 50% IBIT. I have +40% annualized returns over the last 5 years or so I've always been happy with it. As a retail investor our advantage is avoiding tax and long investment horizon which I try to play into. It was much more complicated when I was working on the buy side and we had to manage inflows/outflows and investors questioning things.

Prestigious-Ad-7927

IBIT moves with BTC. MSTR is 1.4X BTC. In adddition, bid/askspread is tighter on IBIT vs bitcoin. Plus, I can sell weekly covered calls and puts to generate premium which is used to buy more IBIT and MSTR.

Prestigious-Ad-7927

I was a non-believer less than 2 years ago. I am now, what I consider to be a maxi. Besides my house, everything I have is in IBIT, MSTR, STRC or ASTS. 5-10 years is a good amount of holding time and I plan to hold at least for that long and hopefully never sell.

ChiLLiamB

Buy IBIT, then at least your heirs will know about it as long as they know you have a brokerage account.

Golden_Hodl93

I currently have 60k borrowed through a portfolio line of credit at 4.45%. Am able to repay it back whenever I feel with no required monthly payments. Currently all in with IBIT with an average btc equivalent price of 70k. did this last bear market with a much smaller amount (10k) when btc was at 15k usd. Paid that loan off by working OT at work while the btc appreciated. Worked very well in my favour. I plan to pay of this current loan in steps as we eclipse 100k and higher

Patient_Craft2195

honestly its not the long term holders, its institutions getting out. ETFs lost massive amounts last month, BlackRock IBIT leading. hedge funds and brokerages closing positions because Fed isnt cutting rates and treasuries pay well. morgan stanley closed their whole position. the people who held through 2018 and 2022 arent the ones selling at 60k. its the people who bought via ETFs at the top last year and now have clients pulling money out.

Worldx22

Tell him to research IBIT. Due to the learning curve I don't tell anyone anymore to buy straight Bitcoin.

Backrus

You don't have positive returns since November 19, 2024 when IBIT options launched. Not only that, it's been the worst-performing asset in the world on an absolute and risk-adjsuted basis since December 2024. No upside during the greatest bull market in human history, while keeping the biggest downside. Free BTC died long time ago.

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Post is by: Ced-Invest and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1u234ol/bernstein_says_its_the_ai_trade_not_quantum_fears/ OpenAI filed confidentially for an IPO on Monday, one week after Anthropic did the same on June 1. Anthropic's last private round put it at $965B, above OpenAI for the first time, with run-rate revenue crossing $47B in May. Meanwhile spot bitcoin ETFs are on a 13-day outflow streak, $4.4B pulled since May 15, IBIT leading the bleed. BTC is sitting around $62K after losing $60K on Friday. Bernstein's read is that this isn't quantum-computing fear or some structural crypto problem. It's allocation. The high-beta, "future of money" slot in a portfolio is a single slot, and right now it's being filled by AI equities and pre-IPO rounds, not by a non-yielding asset that just watched the 10Y climb back above 4.5% after a hot jobs print. What makes it worse for the bitcoin bid: when these IPOs actually price, you get a second drain. Crossover funds and retail money that would have rotated into majors gets parked in the new liquid AI names instead. The ETF wrapper was supposed to bring sticky institutional money. Turns out that same money has a shinier object to chase every quarter now. I'm not calling for a collapse. The flows are cyclical and could flip the day yields ease. But the "AI capex lifts all risk assets together" thesis is dead for this cycle, and anyone still pricing BTC off the Nasdaq melt-up is trading a correlation that already broke. Is this a temporary liquidity rotation that reverses once the IPO supply gets absorbed, or has crypto permanently lost the high-beta growth slot to AI? What's your take? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

devCheckingIn

I thought we were finally going to have a net positive ETF day yesterday, but then IBIT came in with the last-minute mega-dump.

Agile-University-772

I entered my first Bitcoin position ever last week and grabbed IBIT at $24 I’m already making money on bitcoin :)

DC8008008

IBIT

think_harder_plz

Blackrock owns on behalf of their customers through IBIT, not on their corporate balance sheet. They’re just scalpers. They don’t have any belief in Bitcoin.

Ok-Sympathy9768

This is the way to do it. I get the “not your keys” argument; but this is a relatively safe and inexpensive way to gain BTC exposure with taxed advantaged account, or brokerage with the option to tax harvest if needed. I trust IBIT or FBTC more than I trust myself holding“keys” or remembering passwords, or trusting an exchange.

CoatForeign2948

Better to sell IBIT puts and collect premiums

3_pigs

If I hold IBIT for 10 years, I lose total of 2.5% to the fees, right? I am hoping world wide adoption overcomes the loss. This could work out good for a small piece of my Roth.

Whole_Historian_7185

Wouldn't buying Early 2027 dated OTM puts on IBIT be just as effective

Strange-Term-4168

The thing about the 4 year cycle is that a single Trump tweet can change the whole thing. If you see him say “buy bitcoin” load up on IBIT calls immediately.

Important-Level6672

They are custodians. IBIT is a custodian system similar to how Binance works. Blackrock DO NOT own any bitcoin. Stop falling for propaganda

Complete-Beyond8596

all my pension is on IBIT ... just because i cannot do otherwise. i offered the pension provider 30% of my pension if they would have allowed me to take the cash out so i can buy bitcoin in self custody but the law doesn't permit them to give me , MY MONEY, before 57. my moneys they call it... and there are still people who buy fiat with #bitcoin

Mix_Right

Who holds the biggest stacks Satoshi Nakamoto: \~1,100,000 BTC Coinbase⁠ (customer custody): \~885,000-980,000 BTC Strategy⁠: \~844,000 BTC BlackRock IBIT ETF⁠: \~765,000-785,000 BTC Binance⁠ (customer custody): \~629,000-660,000 BTC Fidelity FBTC ETF⁠: \~470,000 BTC United States Government: \~328,000 BTC China Government: \~194,000 BTC Tether⁠: \~96,000 BTC MARA Holdings⁠: \~35,000 BTC Pretty sure they know what they are doing. Now, of course Jane Street may enter the picture. Do some high frequency trading pump and dump the prices at 10 AM every morning get things nice and low. Buy it up and ride the tide back up. Rinse and repeat

Whole_Historian_7185

No benefit in the 401K, but can help in the Brokerage Account. If you tax loss harvest please understand that the 30 day washout prohibition is in effect for IBIT

MikeMiller8888

IBIT, that was a brain fart typo. Editing it now, thanks!

Ok_Method_8546

Im DCA but I invest through IBIT

TheCatOfWallSt

No, IBIT is spot too

HorsedickGoldstein

Why IBIT over like FBTC? Doesn’t IBIT track futures prices and not a spot ETF?

Unsteady_Tempo

What 401k plan lets you buy IBIT?

TheCatOfWallSt

Couldn’t in my 401k. For my stock account, it was just easier to do IBIT. Self custody stresses me out haha

IAmSomewhatDamaged

Damn bro. I invest a little into IBIT and FBTC, but if you’re going to buy THAT much, why not put most of that money directly into buying BTC?!

TheCatOfWallSt

I put my entire 401k ($252,000) into IBIT when Bitcoin was $115,000. I also put my entire stock account ($96,000) into IBIT when Bitcoin was at $117,000. I think I’ve got you beat on the paper losses lol

MikeMiller8888

What keeps me from selling? My IBIT puts.

MikeMiller8888

Exactly this. I’ve been stacking concurrent with puts on IBIT. Accumulated losses are equaling just a bit less than my gains on the puts, it’s been an incredible hedge without selling any BTC. Just need to close the puts when the bleeding ends. It’s like… play the damn cycle already. I find it shocking how many here don’t think an 80% drawback could be in the cards, when it did over 90% 3 cycles back and 70% on the last two.

bryanchicken

Couldn’t they just buy IBIT and the like just as easily?

BrokeCuzOfCrypto

You’re better off buying IBIT on margin

r361k

On the contrary, the biggest banks in the world are now offering BTC etfs, schwab is about to allow you to buy crypto on their exchanges, and IBIT made it super easy to get BTC exposure in recent years. Its slow, but BTC adoption is currently happening in real time.

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Post is by: Zealousideal-Emu-230 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoChartWatch/comments/1tek0b4/btc_crash/ I’ve previously made a post on here about the market crashing very soon I think the same will happen with bitcoin we can see 35K at the lowest but I think 42k to 45k is damn near guaranteed based off of what I’m seeing. As always I can’t site my sources. Go ahead and clown me now but you will come back to this post and get a weird sense of Déjà vu. My personal position is buying puts on IBIT options. Lmk y’all’s opinion on this *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

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Post is by: Appropriate-Lie-8812 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1txr1iy/blackrock_ibit_got_dumped_for_126_billion_in_a/ ETFs have been acting weird. BlackRock's IBIT lost $1.26 billion in a single day, pretty sure some big player just wanted out. Between May 20th and 29th, BTC and ETH ETFs lost like $2 billion total. And then XRP ETFs somehow gained $35 million in the same window, go figure. At the same time the S&P 500 is on its longest weekly win streak since 2023 and crypto is just bleeding. You don't really see stocks and crypto going opposite directions like this, at least not this year. I went and checked funding rates across a few exchanges like bitget and bydfi, still positive. Retail is clearly still long, they do not care. But institutions are leaving and retail is piling in, I remember seeing this exact thing last year. What do you guys think? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

ClearSnakewood

And people here ignorantly talking about buying IBIT and MSTR 🤦‍♂️ F tradFi and all their horsemen

IInsulince

IBIT is an IOU. If you can only buy it through a 401k that doesn’t let you buy bitcoin direct, then fine, at least you get price exposure and such. But if you have free standing dollars to invest, you should absolutely buy the bitcoin itself, not an ETF that a custodian may or may not honor in the future. Yea, yea, yea, “What are you, a conspiracy theorist? Of course custodian XYZ is trustworthy, they will honor my database entry that says I’m owed what’s on my IOUs.” This is what everyone who has ever suffered the consequences of counterparty risk has said shortly before the rug is ripped out from under them. Every custodian is trustworthy until they aren’t. Every single custodian that turned out untrustworthy WAS trustworthy when you first bought. This is by definition, you wouldn’t have bought from them if they didn’t originally appear trustworthy.

HelloTheirCruleWorld

Uh, IBIT is an asset lol

colemusic1

Definitely. Although truthfully we honestly don’t even know where the bottom really could be, but I do seriously doubt we’re ever going to see $20k. TBH a lot of the downside volatility has been cushioned since IBIT and any other BTC-based ETF’s have been out, although there’s been something like $3B - $4B in outflows from them alone the last 1-2 weeks which is kind of enormous even if it doesn’t sound like much. But yeah, instead of -80% or -90% insane drawdowns, it should (hopefully) mean the bottom is a lot less low compared to previous cycles, we just don’t really have enough data on how cycles have performed **since BTC has been institutionalised.** That’s the real hard part tbh, I guess we’ll just have to wait and see 😂

HelloTheirCruleWorld

Im hoping to see a 5 in front before I buy IBIT

HelloTheirCruleWorld

I might make 10% of my portfolio IBIT soon

djhh33

I’m taking an absolute bath right now… I took a security backed line of credit on my portfolio (which is about 30% BITB still) to renovate my house for like 700k. But still, every dividend the rest of my portfolio generates is getting pumped into IBIT. Trust the process. Don’t get emotional. Profit.

mwdeuce

To those downvoting, maxing out a Roth and 401k is always a great idea because it's tax advantaged and the money required to max it out is pretty small, like 7k for Roth. Maximum employee elective deferral contribution to a 401(k) is 24.5k, so it won't take much to max that out either. It'll bring a little peace of mind during major bitcoin draw downs. If you get a fat stack going in these accounts and you're feeling bullish, you can always self-direct them into FBTC or IBIT.

daproph

You need to consider hedging as high put volume on IBIT might not mean traders are bearish; it might mean a whale just bought tons of IBIT ETF and is buying puts to lock in the price (a "married put"). They are actually long the asset but the options chain looks bearish.

devCheckingIn

It's not just sellers it's the short selling. E.g., the put options on IBIT are insane, clearly evident that big money is shorting BTC. Of course, those can be closed at any time too. I think it comes down to the question of where, overall, people think the market is going. All I see is a lot of bad news and macro for crypto, but who knows.

Grunblau

Merrill Lynch quietly added my ability to buy IBIT in my IRA this month. Either we just stop building all of the infrastructure around digital assets and watch blockchain fail and BTC go to zero, or this is the final capitulation before real adoption takes place and major legislation defines its role. Telling banks and AI agents that crypto is over seems less likely.

Laukess

$739 million. interesting, that's pretty much as much as as IBIT holder sold the last 2 days. scary stuff.

Leather-Ad-1253

Wash sale wouldn't apply to BTC on exchange or peer to peer. Wash sale would apply to paper bitcoin such as an ETF product. Spot BTC from exchange is treated as a commodity and you can buy and sell and buy within the same day. No wash sale. Paper BTC in an ETF such as FBTC/MSBT/IBIT, treated as a security and subject to wash sale rules. Now...can you sell IBIT and buy FBTC much like some do with SPY/VOO? Maybe...

ElsaKiras

The institutional story is the trade, just not the one retail wanted. ETFs let big money get BTC exposure without ever touching the rest of crypto, so the liquidity that used to spill into alts and pump the whole market now just sits in IBIT and dies there.

colemusic1

I mean it tends to kinda work in a hybrid it seems. Some days BTC for example seems to work with macro loosening and NASDAQ/SPX going up, other days it just completely ignores it. The whole institutionalisation of IBIT has changed everything to be honest, and the $3B+ outflows we’ve seen in stock markets out of BTC is pretty significant tbh. But yeah you’re right it is somewhat decoupled in general, but lately it’s literally seemingly completely decoupled. Semi’s and other tech stocks are ripping while BTC is plummeting. I’m guessing a huge amount of rotation is happening there

HelloTheirCruleWorld

Might buy IBIT— not sure yet

EminentDesolation

What on Earth are you smoking? There will not be altseasons because the nature of liquidity has changed. I read this the other day and it made total sense. Someone investing in IBIT or any other ETF will not sell for profit and "trickle down" into altcoins to chase the altcoin season, which is historically how liquidity has moved in the crypto market. Bitcoin dominance is the new maxim, and last bull run we did not get an altseason, or rather altseason was very weird (happened before the actual bull run really picked up in late 2024). But imo, the whole concept of the altseason is dead. Now, moats and narratives might still yield profits, so altcoins themselves aren't fully dead. However, for any significant, altseason that sees altcoins pump across the board, we need a significant source of liquidity that I do not see coming from anywhere. The only way would be the approval of ETFs for the rest of the top 20 altcoins, I can see that maybe creating the conditions for an altseason. Otherwise? It's not happening.

Local_Math_5512

Don't care. I'm not religious. I prefer dynamic thinking that adjust to real world circumstance over strict adherence to an unchanging doctrine. Bitcoin Trust ETF's like "IBIT" didn't exist in the past. MSTR used to be the only way investors could hold BTC in a brokerage account. That world is gone. The market has changed. Most Brokerages allow crypto purchases. Multiple Bitcoin Trust ETF's exist. The old rule book for MSTR and other Treasury Co.'s doesn't fit the modern market. Diluting shareholders and taking on convertible debt because you sell at a premium to NAV ain't going to work anymore. Issuing preferred equity to raise capital for BTC is a better strategy anyway. It creates a digital credit market with yielding equity assets to be used by financial firms, insurers, credit funds, retail traders, ETF's, etc... These are large pools of capital that can use money instruments like STRC, STRD, SATA, STRF, etc.. The money those pools exchange can be used by MSTR to buy BTC. Increasing BTC demand and, thus, increasing demand.

Kalaka

Only if you buy IBIT. No wash sales on direct crypto right now. Don't take my word for it, not tax advice -- consult a good CPA who has some understanding of crypto as most don't.

Nrs_Vecna

I thought IBIT is experiencing an outflow of money in this last week too? İf strategy sells even more, ıt's gonna be baş for BTC for the short term. But it will be much better long term. Nobody wants two institutions holding a Total of 1.7 mil BTC.