Originally posted on 03/01/2024:
Prior to ETFs if someone wanted exposure to BTC without buying actual BTC they did it through GBTC (I realize you know this but needed for explanation) There are a couple of institutions in bankruptcy court that have been forced to sell their shares of BTC. Grayscale then goes and sells actual BTC. I haven't been able to determine exactly who is selling and how much more needs to be sold. Miners have also been selling. It seems they are ramping up for the halving and are upgrading equipment making it more efficient.
I think the FOMO is just starting. I'm also seeing all the crypto talk on CNBC and others although I haven't seen the latest out of Cramer. Even with all the good news, there are still a lot of smart people that are getting wrecked shorting. My guess is first run stock people.
This has a chance for this to be the mother of all bitcoin runs. Even though I downplay macro events, they do determine the degree of the runs. Arky pointed out some reasons for the last run not being as big as expected. Add covid to the list. Right now every macro event that can go bitcoin's way is going bitcoin's way.