willheim on Nostr: Day traders open and close positions before EOD. By doing so, and with settlement of ...

Day traders open and close positions before EOD. By doing so, and with settlement of T+1, there is no BTC to accumulate by CB and fiat gains (or losses) are realized. Real and traditional on chain buying or selling are settled in real time with self-custody T+10mins roughly. You can't game it. So, yes, in that sense we see the ETFs as paper Bitcoin. But I don't believe the actual holdings that are long term investors including the pensions or IBIT retail are not backed 1:1. It's the traders and their massive volumes "suppressing" the price.