FOR THOSE AROUND HERE THAT CAN NOT KEEP UP WITH SLANG
“OG” MEANS OLD GANGSTER
@woonomic
First, let me tell you who is selling. The OGs. They are selling. They have more BTC than all the ETFs put together… 10x more. And they sell into every bull market. This pattern is as old as the genesis block.
Chart below: the age x amount of coins being sold.
We are now in the modern age of BTC. Paper BTC has flooded the market since 2017. Futures markets. If you want to buy BTC, it used to be you had to buy real BTC. You can now buy paper BTC. Thus a no-coiner can sell you that paper. Together you have made a synthetic BTC.
That would-be demand for BTC gets diverted to paper BTC, fulfilled by counter traders who have no BTC to sell, they just have USD to back their bet.
In the old days, BTC would go on an exponential run because the only sellers was a trickle from the OGs and an even smaller amount from miners with their newly mined coins.
Today the magic of paper BTC is what you want to watch.
The 2022 bear market was dictated by a flood of paper BTC when spot holders didn’t really sell.
In this current bull, I have marked where paper increased, these were times when price didn’t rally.
We are in one of these right now.
https://x.com/woonomic/status/1801727020562350494/photo/1
So… not a great idea to look solely at ETF buying.
On-chain data… derivatives data… technical price action…
All of these add to the demand and supply picture.
Putting it together is an art, not a quantifiable science.
Everyone is just making educated guesses.
—
The Bitcoin Futures market was started in 2017.
It’s purpose is to suppress the price of BTC.
December 1, 2017 CFTC Gives Official Go-Ahead for Bitcoin Futures. Let the Big Short gambling begin again.
Diverting buying pressure from spot markets: The existence of cash-settled futures can divert buying pressure from real BTC exchanges. If the futures price is slightly cheaper than the spot price, many buyers may take the futures contract instead, reducing the buying pressure on the spot markets and potentially lowering the price.
Suppressed spot price due to lack of buying pressure: When futures contracts are sold, they divert money from spot markets, reducing the buying pressure and potentially causing the spot price to drop.
Temporary suppression through cash-settled futures: Enemies with unlimited cash, such as central banks, can suppress the price of bitcoin by buying futures contracts and then taking delivery of cash at the suppressed price. This can have temporary effects, but the suppression cannot persist long-term.Futures market manipulation: The cash-settled futures market can be manipulated to suppress the price of bitcoin. For example, if someone has 1 bitcoin and wants to bet on its future price, they can sell a futures contract and potentially influence the price.
https://bitcoinmagazine.com/markets/bitcoin-futures-market-explained-price-manipulation
— TAXES–
President Biden proposes a 44.6% capital gains tax, the highest in history.
The proposal also includes a 25% tax on unrealized gains for high-net-worth individuals.
44.6% capital gains tax Only for corporations and for individuals with incomes above $400,000 per year.
The elite don’t pay taxes because they don’t show profits. This is a tax to steal from the middle class, period.
A billionaire finally said it.
If 800 of the wealthiest corporations/billionaires paid $5 billion in taxes, the working class wouldn’t have to pay a dime, and our debt would get paid off.
Do you believe us now?