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Bitcoin Daily's avatar

Great article. Looks like there are two missing inputs to the price including 1) bitcoins locked up for lending and 2) the new Canadian ETF.

As an example, I read from PlanB that BlockFi has $20B Bitcoin locked up from retail and institutions who are earning 3-6% yield on their coins. That $20B is growing. There are other companies with lending like like HodlHodl, Abra, Gemini, etc.

I read the Canadian ETF is now worth $624M and growing. This should mean that this amount is getting locked up as well.

Hope this is helpful. Cheers.

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Edward's avatar

These posts have made me subscribe to Glassnode. Fantastic analysis using fantastic charts. I agree with Bitcoin Daily below, The Grayscale premium has gone negative since better alternatives have recently been launched, Purpose and Evolve ETF's. Purpose is buying on Coinbase and Gemini. Ben Lilly's work "The Grayscale Effect" was tremendously powerful navigating the market. The GBTC shares are still unlocking and being sold (and seem to correlate with the negative premium), but the buying pressure on BTC Spot exchanges does not seem to be as strongly correlated as before. Where is this money going, and can we track it? Ki Young Ju suggests the Coinbase/Binance premium to track institutional buying pressure.

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