TRACK INSTITUTIONS

“What ended up happening is it was the OGs that sold the Bitcoin. The Bitcoin ETF holders were diamond hands here. They actually held strong. A lot of people who were not too keen on the ETFs launching were like, they're going to be weak hands. They're going to sell at the first sign of stress. And that's like if you were an ETF holder, you are not somebody that was like sold this ETF, most likely.”

“I go back to 2017, and it was like long Bitcoin short the banks, right? And now we have one of the largest banks in the world is going to launch a Bitcoin ETF. It should be seen as a big deal. I know some Bitcoiners are looking at this like, come on, like co-opting the banks are actually going in and doing this, and they wanted to disrupt this stuff, and they're going to potentially take advantage of it, but it is what it is.”

“If you had a 5% allocation, you get cut in half, you're at two and a half. When you rebalance your portfolio, whether it be within certain bands of ranges, or you do it quarterly or semi-annually or annually, you're going to buy up again back to that 5% allocation, if that's your goal. I think that's part of the reason why we're going to see muted, at least with the Bitcoin ETFs, as they grow in importance... you don't see the blow-off tops.”

“One thing I would say is you get these 13 Fs. All you see is technically equity holdings. Fortunately, you get to see an insight because ETFs fall under that reporting standard. So we can see who holds different ETFs because they're required to file under 13 Fs. I'm just saying this to caveat that we don't know exactly what the Harvard endowment is, but they are a huge holder of it. Yale holds some of these things, including Ethereum.”

“iBit is the number one by every metric. Like if you look at volume, assets, flows, they tend to lead. And then the other ones up there, you have ARKB from VanEck, Bitwise, Fidelity is way up there. But you go all the way down... even the smallest ones have a couple hundred million in them. Right. So and they're profitable and they're so it's good enough for them to keep them going.”