|
|
Asset-side Blackboxing: Last night, in Space, I mentioned the potential long-term negative impact of ETFs: when the market value of their holdings exceeds 30%, combined with the 10% on centralized exchanges (cex), the lost 10%, and the derivatives' "coinage," the black box holdings exceed 50%. In fact, this effectively pierces the decentralization and liquidity of the Bitcoin asset side.
In reality, the market value of Bitcoin spot + futures ETFs, including Grayscale, has already reached around $33 billion, accounting for approximately 3.5% of the circulating supply. I believe that in the next two cycles, it is quite possible to see the market value share exceed 20%. |
|
Post time 21-1-2024 09:40:08