So if Coinbase is fractional reserving its ETF custody, what causes that behavior to stop? The only way they can be doing it is with the support of BlackRock and/or big governments. If suddenly the other ETFs choose to change their custody solution to Fidelity, Unchained, etc. that would be the most damning.
But BlackRock is still the biggest. But they’re only 1% of the bitcoin issued. So if MicroStrategy keeps buying 40% of the newly issued coins, eventually there will be a supply shortage, right? And we should just encourage people to avoid Coinbase, Coinbase custodied ETFs…this has to get exposed…but by who, when, and what’s the impact? Just bearish pain during a liquidation where the ETF sellers are forcing BlackRock to return capital?
8r0ck3feller / 8R0ck3feller
npub1h4…a2jcm
2024-09-16 20:25:05
Author Public Key
npub1h4lrzqnrne72xj00yl3zzr0k6qn93cqe5g4vvkfechs6mn89mwyqfa2jcmPublished at
2024-09-16 20:25:05Event JSON
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"content": "So if Coinbase is fractional reserving its ETF custody, what causes that behavior to stop? The only way they can be doing it is with the support of BlackRock and/or big governments. If suddenly the other ETFs choose to change their custody solution to Fidelity, Unchained, etc. that would be the most damning. \n\nBut BlackRock is still the biggest. But they’re only 1% of the bitcoin issued. So if MicroStrategy keeps buying 40% of the newly issued coins, eventually there will be a supply shortage, right? And we should just encourage people to avoid Coinbase, Coinbase custodied ETFs…this has to get exposed…but by who, when, and what’s the impact? Just bearish pain during a liquidation where the ETF sellers are forcing BlackRock to return capital?",
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