Sirwin
Sirwin
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BlackRock's Bitcoin ETF: Catalyst for Market Manipulation?

By supamaku | supamaku | 11 Feb 2024


Fun or Scary fact?

"I think there's a good chance that when we get to that 21 million Bitcoins, [Satoshi Nakamoto] is going to come on there, laugh hysterically, go quiet, and all Bitcoin is going to be erased."
- Jamie Dimon
[Source: techtelegraph.co.uk]
BlackRock's spot bitcoin ETF, or IBIT, held more than $1 billion in bitcoin just five days after it began trading. IBIT is the second spot bitcoin ETF to achieve this milestone, with Grayscale Bitcoin Trust still dominating the market.
[Source: investopedia.com]
Here's my speculation: What if Blackrock is the catalyst that bears are waiting for the price of Bitcoin to go down?

 

Some Wall Street people want to take profit after certain gains. What if they dump the price to a certain point and buy back again? The usual manipulation tactics of Wall Street folks.

That's why I stopped buying at 45k and started to sell off my airdrops (just 25% of my DYM allocation), so I can have more funds if this happens, or for additional funds for new projects.

I really don't trust BlackRock and other traditional finance people. I know there's hype around the ETF approval, but I'm still taking a little precaution and leaving some cash on the side.

How about you? Do you trust these financial institutions? Share your thoughts below.

Please note: This is not financial advice to sell your bitcoin.

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supamaku
supamaku

Crypto and blockchain enthusiasts


supamaku
supamaku

I'm a Sneakerhead, Gshock enthusiast, animal lover with a slight cute aggression. Data Analyst by profession. Crypto enthusiast since November 2021, CPU miner since December 2021, GPU miner since January 2022. Now a trying-hard crypto blgger. :)

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