BC TRADING
Saved by @SteveeRogerr

1/ Who are the investors in GBTC?

Why is there a premium?

And what is the sweet trade they’re taking advantage of?

A thread 🧵

 2/ Grayscale’s Bitcoin Trust made headlines again with their record 1-day addition of 16,244 Bitcoin, adding to their stack of over 630,000 Bitcoin and an AUM of ~$23B. Evidently business is good...So who are their investors? And is GBTC’s premium an incentive or disincentive?
3/ What is the Grayscale Bitcoin Trust (GBTC)?Grayscale owns BTC in the trust & investors buy shares to represent a # of BTC. There’s a 2%/yr fee+a “premium.”The premium is the diff. btwn underlying BTC value(Native Asset Value or “NAV”)vs. mkt price of holdings(what shares cost)
4/ There are 2 layers of investors. There are the base layer investors - accredited investors selected to buy into the private placement of the fund at the “NAV” price aka the price of the underlying BTC value
5/ They can send USD or Bitcoin and receive a # of shares equivalent to the BTC value (0.00094919 BTC/share). One catch is its 1 way - Once you put BTC into the trust, it can’t be redeemed. Investors can sell their shares, but the BTC will remain in the trust and off the market
6/ Base layer investors have a 6 mth lockup b4 they can sell shares in the open mkt to the 2nd layer of investors. These 2nd investors must pay a higher, mkt price for the shares. Again, the “premium” is the diff. btwn price of open market shares vs. underlying BTC priced shares
7/ The largest investor is Three Arrows Capital, which recently increased a $259M position to $1.4B (~6% holding in the trust). They are one of the investors taking advantage of the trade by getting in as a private placement at the base layer of the fund
8/ By investing at NAV, at base layer, their shares are locked for 6 mths but they then sell the shares at the higher mkt price, locking in the premium. The premium historically stays ~20%, but can⬆️in a bull mkt where demand for shares is high (in Dec., it was +40%)
9/ Another investor doing this? Blockfi (~5% shares in the trust). Blockfi will give you 6% return when you lend them BTC, b/c they can then lend your BTC to those like GBTC. In this case, they lend Grayscale the BTC and get in on the fund where they take advantage of the premium
10/ For those 2nd layer investors who buy shares in open mkt, the premium is a magnifying risk. If BTC dips hard then losses deepen b/c you have the NAV (price of BTC) drop AND a drop in the premium you bought. Likewise,if you buy b4 a bull mkt/premium pump,your gains are greater
11/ Why the premium?It's the mkt gap btwn supply/demand. Demand for shares > supply b/c new shares are continuously created,but delayed by the 6 mth lockup.Conversely, ETFs keep premiums in check b/c new shares can be created but have no lockup/trade now,arbitraging premiums away
12/ Why do smaller, 2nd investors accept GBTC premium risk vs. a pure BTC buy? 1) You can buy it easily w/ your traditional brokerage acct 2) You avoid self custody 3) Tax advantages, its IRA eligible 4) If you think there’s a bull run soon you take advantage of the premium pump
13/ Accredited investors obviously have a strong incentive w/ the premium to enter the private placement, but it's more than that. For some institutional investors GBTC is one of the few ways they can gain BTC exposure
14/ Many investment funds have governing charters restricting direct crypto investment and/or they dn’t want to custody BTC. But everyone is able to invest in publicly traded assets,like GBTC,so they get the best of both worlds. Internal regulations allow it & they avoid custody
15/ This won’t last https://t.co/iY4DKjIHuh the mkt matures&there are more options to trade BTC on a public mkt(BTCETF),there will be fewer 2nd investors willing to pay the premium and it will drop to meet lower demand.Then,GBTC will lower the 2% mgmt fee&try to convert to an ETF
16/ TL;DR: The GBTC premium occurs on the 2nd market and provides a very attractive trade for those accredited investors able to join the private placement and invest at Bitcoin’s NAV at the fund’s base level. However, this premium will begin to disappear as the market matures
https://t.co/0EAQeZkcPg

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Amrit Kummer
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@maqstik
Some observations and thoughts on ZILSwap: What went well, its impact on the $ZIL ecosystem and where we need to improve with some concrete plans that are being worked on. A thread:

👇

1/ ZILSwap was launched by @SwitcheoNetwork on Oct 5, 2020 (~2 months old). Soon after, we noticed for the first time, a flurry of ZRC-2 tokens (equiv. of ERC20s on $ZIL) getting launched on the network (even though the fungible token standard had been around for a while).

2/ The ability to provide a marketplace for people to exchange tokens was the trigger for deveopers to start issuing tokens and developing a token economy. In fact, there was a token for which, the entire supply was put on a ZILSwap pool w/o any team withholding.

3/ This was an extreme example of why a DEX was needed and the role it played in bootstrapping several tokens and respective token economies. Over 25 tokens are available on ZILSwap in the form of liquidity pools. The total pool size across all tokens is over USD 1 million.

4/ ZILSwap also made it possible for the first time for anyone to get access to $XSGD (the Singapore Dollar Stablecoin issued by @xfers). In fact $XSGD and $gZIL contribute the greatest proportion of the total pool.
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Anarchist \U0001f4a3Federation \u2764\U0001f5a4
Anarchist 💣Federation ...
@AnarchistFed
While watching the GameStop stuff has been mildly hilarious (I mean who doesn't like watching the financial elite squirm?) it's pretty clear that a whole bunch of folk have convinced themselves this is ACTUALLY some kind of revolutionary activity. It isn't. 1/


Sure, it's highlighted yet another way in which the bastards profiteer but that's about it, stick it on the pile with the fifty other pro tips to keep the poor, well poor... It's todays banter and tho a few folks might have egg on their faces, literally nothing will happen. 2/


GameStop's three largest shareholders have earned £1.5bn+ during this. They sit at the top of some 200 institutions which are rolling. Meanwhile the ersatz rebels are now watching the bubble, realising there is profit to be made and having a wibble. 3/


No doubt some TRULY believe they are taking part in some kind of revolution but frankly it's utterly absurd and the vast majority are in it for the lulz and to cash in quick.

I'm sorry to tell you this, but you don't own GameStop.

4/


The reality is, the scale of the economic disparity and corruption is simply vast. Billionaires loosing a few millions means nothing. They buy one less yacht and you continue to live meal to meal.

The "Free Market" changes a few systems and the abuse continues. 5/
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@JayneshKasliwal
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Complete Backtest and Indicator link

🧵 A Thread 🧵

𝗦𝗲𝘁𝘂𝗽:
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🔸 50 ema on 3 min timeframe
🔸 Supertrend 10 , 3
🔸 Chart : Banknifty , Nifty Futures as we backtested on futures
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🔸 Supertrend and MA Settings
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Trader knight
Trader knight
@Traderknight007
"90% of the traders lose money, But do they lose it all the time?"

Most of them do make money, its just that they give it all back.

Lets analyze why and how a trader makes and loses money
[Thread]:

Below is the equity curve which is most traders dream.


This is equity curve of an average trader:

Most traders do make money, but they give it back to the markets .

Because of trading errors.

What are trading errors?


Trading errors are those errors which happen because of wrong Position sizing, Leverage , etc.

I am not making this up, check your P&L, 90 % of your losses would have come from less then 10% trades.

Most of these happen because of No knowledge, No plan, bad position sizing .

Now, we know what's the problem, lets talk about the solution.

1. Learn the Basics first-

If you don’t get the basics clear then how can you make money?

Learn How to use Support and resistances
Learn How to use trend lines
Learn about trend, it will solve 90% of your problem
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Vikrant
Vikrant
@Trading0secrets
My swing cash strategy ☢️
(In simple language)

1⃣ #stock selection process - always choose that stock which are consolidating near all time high

(Because whenever stock will give all time high breakout then it will easily give 20/30% return in 1/2 months

2⃣Volume analysis - In that consolidating period volume should be high of up move days then down move days. And last 3/4 month volume of accumulation is must higher then previous days.

3️⃣ fund diversification - always deploy your capital in 3/4 stocks, not more then that or not less then 3.

And, your 3/4 stocks must be from different strong sectors.

4⃣comunding magic - If you hold 10 stocks then if 2 stocks will give 100% return then portfolio impact is 20% only. (here time period is 8/15 months)

If you hold 3 stocks out of them 2 will give 40% then ur portfolio impact is 25%
(Here time period is 1/3 months)

5⃣sectors analysis - always choose that sector stocks which are near support or breakout stage.

If any stocks is out of nifty sector then u can open stock scanner website and check their peer charts.If out of 5 ,3 are strong then u can select that
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WORLD OF SANATAN DHARM...
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Remarkable Commando op

A long 🧵 but worth your time

Aurangzeb sent his maternal uncle Shaista Khan with powerful army over 1,50,000 on the request of Badibegum Sahiba, Adilshahi sultanate

1/


Shaista Khan entered Deccan to kill Chhatrapati Shivaji Maharaj & to destroy his empire. Shahista Khan captured a lot of province and fort of Chakan near Pune.

2/


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2. Chhatrapati Shivaji Maharaj attacked with 300 soldiers at the midnight while Lal Mahal had strong security of 1.5 lac soldiers for Shahista Khan.

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Vibhu Vashisth
Vibhu Vashisth
@VIBHU_Tweet
शमशान में जब महर्षि दधीचि के मांसपिंड का दाह संस्कार हो रहा था तो उनकी पत्नी अपने पति का वियोग सहन नहीं कर पायी और पास में ही स्थित विशाल पीपल वृक्ष के कोटर में अपने तीन वर्ष के बालक को रख के स्वयं चिता पे बैठ कर सती हो गयी ।इस प्रकार ऋषी दधीचि और उनकी पत्नी की मुक्ति हो गयी।


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एक दिन देवर्षि नारद वहां से गुजर रहे थे ।नारद ने पीपल के कोटर में बालक को देख कर उसका परिचय मांगा -
नारद बोले - बालक तुम कौन हो?
बालक - यही तो मैं भी जानना चहता हूँ ।
नारद - तुम्हारे जनक कौन हैं?
बालक - यही तो मैं भी जानना चाहता हूँ ।

तब नारद ने आँखें बन्द कर ध्यान लगाया ।


तत्पश्चात आश्चर्यचकित हो कर बालक को बताया कि 'हे बालक! तुम महान दानी महर्षि दधीचि के पुत्र हो । तुम्हारे पिता की अस्थियों का वज्रास्त्र बनाकर ही देवताओं ने असुरों पर विजय पायी थी।तुम्हारे पिता की मृत्यु मात्र 31 वर्ष की वय में ही हो गयी थी'।

बालक - मेरे पिता की अकाल मृत्यु का क्या कारण था?
नारद - तुम्हारे पिता पर शनिदेव की महादशा थी।
बालक - मेरे उपर आयी विपत्ति का कारण क्या था?
नारद - शनिदेव की महादशा।
इतना बताकर देवर्षि नारद ने पीपल के पत्तों और गोदों को खाकर बड़े हुए उस बालक का नाम पिप्पलाद रखा और उसे दीक्षित किया।
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Guillaume Chaslot
Guillaume Chaslot
@gchaslot
The YouTube algorithm that I helped build in 2011 still recommends the flat earth theory by the *hundreds of millions*. This investigation by @RawStory shows some of the real-life consequences of this badly designed AI.


This spring at SxSW, @SusanWojcicki promised "Wikipedia snippets" on debated videos. But they didn't put them on flat earth videos, and instead @YouTube is promoting merchandising such as "NASA lies - Never Trust a Snake". 2/


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https://t.co/uAORIJ5BYX 4/

https://t.co/yOGZ0pLfHG 5/
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Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
KANAKA DURGAMMA, VIJAYWADA (AP)
#bharatmandir

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Adi Sankaracharya visited this shrine and worshipped the Devi. He installed SRICHAKRAM at the feet of Sri Kanaka Durga.

Adjacent to the Kanakadurga shrine is the shrine of the divine consort-Sri Malleswara Swamy on the Indrakeeladri.
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MAKE THE WORLD GREAT AGAIN \U0001f30d
MAKE THE WORLD GREAT A...
@joyoftheawoke
The take down of the Cabal A-Z Charlie Freak & @djmarkdevlin

...In May 2017- Prince alwaleed tala sold his soul to the 13 bloodline families

Thread.. please retweet this truth 🙏


Trump visits the Middle East and receives royal Saudi welcome, highest Saudi honour by receiving the golden collar of abdulaziz al Saud
Not been seen with past presidents ...


When trump arrived in the summer of 2017 14/09/2017 he laid out all the documents, all the folders and they had all the photographs, disks, cds, dvds with all footage of them doing horrific things, the NSA has it all!

2 weeks later the richest men begun getting arrested...

They hand picked Obama, alwaleed tala decided to make Obama the linchpin of the us presidency. Barack has connections all over the cabal
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