A lot of ETF misinformation out there, please see this post for resources on the truth.

Hello, all.

There is a lot of confusion over the ETFs.

1. BTC price didn’t move because the ETFs do not have to convert the cash from shares people buy until the next business day at 6pm est. source: Review page 40 of the sec documents for blackrock’s ETF https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm#toc

2. The ETFs do not buy the on an open exchange like you or I would, they buy it largely from Coinbase’s OTC service. This pairs buyers and sellers off the exchange so there is no price change for the transaction similar to if I sent you 1 BTC directly and you Venmo’d me $USD for it (though more structured than that). We can hope they eventually run out of large batch sellers for this for more price action but there is nothing illegal about that. Coinbase sold $7.7 BILLION OTC yesterday. https://beincrypto.com/coinbase-sold-billion-bitcoin-etf/

3. The ETFs have already started buying most of the BTC needed to cover yesterday trading. Blackrocks ETF went from about $10.5 mill in BTC yesterday, to $120 mill in BTC and $111 mill in cash that needs to be converted tonight by 6pm. Source: look at the holdings section of blackrock’s ETF https://www.ishares.com/us/products/333011/ishares-bitcoin-trust

I will try to add more that I find.