Post #8568

📉 Coinbase’s BTC Discount Explained Since late October, BTC on Coinbase has been trading cheaper than on Binance. That usually happens when big players are selling, not buying. Even yesterday’s bounce from 89K to 93.5K came with BlackRock posting a record 523M outflow from its ETF. ⚡️The Real Source of Pressure The main source of pressure is the unwind of a large hedge fund trade. For the past year many funds were short MSTR and long BTC through ETFs. They entered this setup when the MicroStrategy premium was extremely high and rode it down as the stock fell 45 to 60 percent. 🕯How The Unwind Works Now the trade is finishing. Funds are closing their MSTR shorts and selling the BTC side at the same time. Even if the BTC leg is at a loss, the overall structure stayed profitable because the short made far more. ➡️Why It May Soon End MicroStrategy started to rebound yesterday which suggests the unwind is close to done. Once these positions clear, the selling pressure linked to this trade should ease. ✅Subscribe to@cryp