Coinbase is selling paper bitcoin to Blackrock and all of the ETFs it custodies.
Rehypothecation is occuring from bitcoin they owe to their retail customers holding on their exchange.
This range is Coinbase selling the tops and buying the dips to capture the spread to acquire the bitcoin they don’t actually have to the etfs at a later date.
If this doesn’t blow up in their face, they’ll continue to manipulate the market with this strategy.
#🌝
Tortuga / 🐢
npub1e3…0qvr5
2024-09-14 10:32:40
Author Public Key
npub1e3mx09yq53gyh9368qyuhfstgk8t7p5vvfcnvgwa4994y7rqg37s20qvr5Published at
2024-09-14 10:32:40Event JSON
{
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"pubkey": "cc76679480a4504b963a3809cba60b458ebf068c62713621dda94b527860447d",
"created_at": 1726309960,
"kind": 1,
"tags": [
[
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],
"content": "Coinbase is selling paper bitcoin to Blackrock and all of the ETFs it custodies. \n\nRehypothecation is occuring from bitcoin they owe to their retail customers holding on their exchange. \n\nThis range is Coinbase selling the tops and buying the dips to capture the spread to acquire the bitcoin they don’t actually have to the etfs at a later date.\n\nIf this doesn’t blow up in their face, they’ll continue to manipulate the market with this strategy.\n\n#🌝",
"sig": "c923d5a594c99476ef471bc6f5f8a817c517dd6fb7be01ca5632728ed5b9bb9623e90423f61f76bc5c85bef2b3ef32f1bd43ab4703dd2847879ba727c55bc565"
}