In a spectacle of numerical bravado, the illustrious Adam Back, shepard of Blockstream, has decreed that the almighty Bitcoin (BTC) shall not falter in its celestial ascent. With a flourish of his digital quill, Back has illuminated the market with his grand vision, powered by the relentless hooves of exchange-traded funds (ETFs) trampling over any naysayer’soubts.
The Unstoppable March of Bitcoin ETFs
Back, with a twinkle in his eye and a chuckle in his voice, proclaims that the demand for Bitcoin ETFs is like a bull in a china shop, smashing through the meager attempts of sellers to quell the beast’s advance. He opines that this dance of supply and demand is but a prelude to a grand crescendo, where the buy pressure will swell like a symphony, lifting prices to the heavens.
Our dear Blockstream maestro insists that the unenlightened masses are blind to the golden calf that is Bitcoin. He muses, with a wry smile, that once the BTC is sold, it is gone, vanished like a magician’s rabbit, never to return to the hat.
Some #bitcoin fundamentals data for those who aren’t bullish enough… Sellers can only sell once and the ongoing buy pressure from ETFs, treasury companies and DCA is 4-5x mined rate of supply, on exchange BTC shrinking etc and institutions just starting. You are not bullish…
— Adam Back (@adam3us) February 20, 2025
As the wise men and institutional titans hoard their Bitcoin like dragons atop a golden mound, the supply dwindles. The daily emergence of 900 shiny new BTC, like a mirage in the desert, only exacerbates this imbalance, propelling prices ever skyward.
And lo! The Bitcoin is vanishing from the centralized exchanges, like a ghost at dawn, as investors spirit it away to the safety of private wallets. This exodus has left the market as dry as a desert, with selling pressure as rare as a unicorn.
Institutional Demand: The Rocket Fuel for Bitcoin’s Ascent?
Back, with the confidence of a man who has seen the future, maintains that these portents are but harbingers of Bitcoin’s inevitable rise to glory. The growing chorus of institutional adopters, he says, will be the wind beneath Bitcoin’s wings, lifting it to new heights.
States, like eager children on Christmas Eve, are drafting legislation to hoard Bitcoin like a Strategic Reserve of digital gold. And who shall be the Santa Claus of this crypto tale? Why, the hedge and sovereign wealth funds, of course, with their bags of cash and a jolly ho-ho-ho for Bitcoin’s price.
As the ink dries on this missive, Bitcoin dances merrily at $87,325.13, a sprightly 1.3% prance upwards in but a day’s time.
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2025-02-20 15:32