XXI Capital has accumulated over 40,000 BTC this year, worth roughly $3.8B.
Interesting to see continued institutional accumulation even before broader retail participation.
Curious how others see this playing out over the next cycle.
https://i.redd.it/y18baequgj8g1.jpeg
Posted by Mission-Stomach-3751
4 Comments
This is the face of a guy that wants you to use his IOUs.
they dump to retailers haha
They‘re all betting on the Tether gravy train and governments bailouts when shit hits the fan.
> By mapping the blockchains of Bitcoin and Tether, we are able to establish that one large player on **Bitfinex uses Tether to purchase large amounts of Bitcoin when prices are falling and following the printing of Tether**. Such price supporting activities are successful, as **Bitcoin prices rise following the periods of intervention**. Indeed, even 1% of the times with extreme exchange of Tether for Bitcoin have substantial aggregate price effects. **The buying of Bitcoin with Tether also occurs more aggressively right below salient round number price thresholds where the price support might be most effective.** Negative EOM price pressure on Bitcoin in months with large Tether issuance indicates a month-end need for dollar reserves for Tether, consistent with partial reserve backing. Our results are most consistent with the supply-driven hypothesis.
>
> Overall, our findings provide support for the view that price manipulation can cause substantial distortive effects in cryptocurrencies. Prices in this market reflect much more than standard supply/demand and fundamental news. **These distortive effects, when unwound, could have a considerable negative impact on cryptocurrency prices.**
— IS BITCOIN REALLY UN-TETHERED?, JOHN M. GRIFFIN and AMIN SHAMS*, October 28, 2019
Their stock price has dropped by 80% in the last 6 months.