FTX Dumps $1 Billion as Bitcoin Price Dips Below 40k

On this episode of the Bitcoin ETF Daily Show, Dante Cook goes over the news that FTX sold $1 billion worth of Grayscale’s Bitcoin ETF (GBTC) in an post bankruptcy estate sale. Are they finished capitulating or should we expect more selling to come? Also, he covers the days inflows and outflows as well as one often missed reason of why buying real Bitcoin is superior to these ETFs.

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Bitcoin price dips below 40K as FTX hits back from Beyond the Grave with news coming out that the bankrupt crypto Casino was unloaded 1 billion worth of gbtc onto the market is the FTX capitulation over or is there more selling to come plus we dive into wash

Sale trading rules one major but lesser known benefit to holding real Bitcoin over these ETFs s SPF FTX ETFs WTF welcome to to the Monday January 22nd edition of the Bitcoin ETF Daily Show I’m Dante cook head of swan business in this show we discussed the latest news events winners losers and

Key information surrounding these historic Bitcoin ETFs here at Swan we’re on a mission to educate the world about Bitcoin so please like this video And subscribe to the channel to extend our reach and help us cut through the nors on YouTube taking a look at Friday’s numbers Fidelity took the lead over

Black Rock in both volume and inflows for the second day in a row seeing seeing a half a billion in volume and 222 million in net inflows the race is heating up between the two funds each holding just over a billion in assets under management Fidelity is winning in

Volume today so we’ll see tomorrow if they keep the streak of leading inflows alive in regards to Friday flows for all ETF issuers we saw a total of 43 A5 million of net inflows with gbtc once again putting the most downward pressure on that number having 590 million exit

The fund gbtc deposited over 15,000 Bitcoin to coinbase Prime making that a total of 63,9 N1 Bitcoin or 2.68 billion sent since the ETF started trading in total we’ve seen over $2.7 billion do in Bitcoin sent to coinbase and over $3 billion do in net outflows so although

We don’t know if all of this Bitcoin is being sold versus simply being custody we can assume that the majority of it is being sold with gbtc having the highest fees at 1.5 % and still trading at a slight discount to nav of real Bitcoin we will likely continue to see the trend

Of outflows for the foreseeable future now on to our big news for the day despite seeing over a 200% increase in Bitcoin trading volume with over 29 billion in the last 24 hours the price is down almost 4% below 40,000 and for the first time we think we have a

Legitimate reason why it’s been confirmed that a large portion of outflows from the grayscale trust were due to the fact according to coin desk FTX has sold over 22.3 million shares of gbtc worth around a billion dollars after the ETF started trading on January 11th in an estate sale there’s

Conflicting reports out there on whether they’ve sold 100% of their gbtc shares in the estate sale or 23ds of it but we can conclude some positive news from this if FTX wasn’t offloading as gbtc shares the last week the ETFs would have doubled an inflows with over 2 billion

In total making an already successful launch even more more historic scam bankster fraud has been one of the largest deterrents to bitcoin and Bitcoin investors for the last 3 years and like a myob boss he’s still able to affect bitcoin’s price from behind bars

Or in his case in a luxury condo with a view of the beach so much for Justice right we will likely continue to see a rotation out of the high- feed gbtc spot ETF product into lower cost Alternatives But ultimately those funds are simply rotating into other products and not

Exiting Bitcoin altogether if you’re new to bitcoin draw down help to turn you into a hodler like Rocky hitting meat to toughen up those trading hands into Diamond hands you’re breaking the ribs zoom out let’s start with a chart speaking of FTX bitcoin’s prices increased over 136% since FTX filed for bankruptcy on

November 11th 2022 you want to hold Bitcoin in your portfolio for its volatility not in spite of it it’s no secret that Bitcoin is a volatile asset this volatility makes it extremely difficult for investors and Traders to try to time when bitcoin’s price is going to rise or drop but the majority

Of bitcoin’s gains historically have occurred in short explosive movements to the upside it’s absolutely vital that you don’t miss these days to capture the upside volatility in gains from bitcoin’s Price appreciation as you can see in this chart here we’re looking at a range from 2018 through 2023 here are

The top 15 trading days for bitcoin’s Price appreciation you can see the top trading day for bitcoin’s price increase coming in at over 28% and the 15th Place coming in at just over 15% we ran some numbers for you with our free Bitcoin portfolio analysis tool the Nakamoto

Portfolio if you want to see how Bitcoin can impact your Investment Portfolio visit the website listed in the show notes over the last four years if you missed out on owning Bitcoin during the top 10 3-day periods you end up with a 55.3% return instead of a

1,53 % return key lesson don’t trade your Bitcoin by missing the days when it rips higher you’re forfeiting your right to lift your arms at the top of the steps in front of the Liberty Bell as a Champion and with the price declines of Bitcoin I want to highlight another key reason for why directly owning Bitcoin is far superior to buying an ETF with Bitcoin being deemed a commodity and property by the IRS cftc and the SEC it’s not subject to the wash sale rules

Like a security or these Bitcoin ETFs this means that if the price of Bitcoin is trading below the price of which you purchas it at you can sell it and Reby it immediately to capture the capital loss for your taxes and offset any capital gains you may have or lower your

Taxable income with a security like ibit or fbtc you cannot sell and Reby the same asset for 30 days if your cost basis is higher than the current price given everything that I just explained about bitcoin’s upper volatility you’re not going to want to risk the price of

Bitcoin ripping way higher in that 30-day period which you can’t purchase it back by holding real Bitcoin you’re able to sell and buy immediately so you get all of the positive price action and the maximum tax benefits with that we’re signing off for the day if you’re enjoying these daily Bitcoin videos

Subscribe to make sure you don’t miss the next one until tomorrow I’m Dante cook.com happy stacking Oh