Just some random thoughts about all the recent news of ETF applications.

Like many others here, I've been both excited by the effect that US bitcoin ETFs may have on bitcoin price, and anxious about how these big players will be able to manipulate the bitcoin market. As was discussed on a recent Blue Collar Bitcoin episode, what might a 'non-economically motivated' actor do in such a small (<$600B) market? The example that they discussed was how the LIV Golf Tour threw gobs of money--amounts that would not make sense economically--at players and forced the PGA to merge with it. These sovereign wealth funds have that kind of money.

I take some solace in the fact that most bitcoin simply doesn't move, that bitcoin price moves on the trade of a small sliver of available supply. Also, that nearly 92.5% of all bitcoin has already been mined. Maybe Blackrock and Fidelity and the others are too late; maybe enough people won't sell and will decide to hold their own keys.

If bitcoin jumped to $125K some time next year, how many do you think would sell? How much of that bitcoin would get sucked up by Blackrock, probably never to be redeemed? I don't think that things will be as easy as many here envision.