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1/The ETF narrative is one of the most poorly thought out dreams of crypto people. The characterization is that institutions are an unthinking, monolithic horde of buyers who act almost in unison, & are willing to market buy immediately upon ETF availability. This is truly the
2/fools at the poker table not even aware they're the fools, but being so totally lost in space, they think the others are. Institutions are not retail--they do not market buy but buy to the extent that they do not affect price. Nor are they interested in being the ones who shoot
3/prices up to the point that the retail money (includes most of CT) can dump their holdings to, to get back to breakeven. Unlike for retail, PRICE MATTERS FOR INSTITUTIONAL INVESTORS. Anyone new/crappy in investing thinks what you buy is more important than the price you buy it.
4/This is wrong--anyone who's traded or invested long enough knows that the price you buy something at is MORE important than what you buy, particularly for instit, who are graded on performance not only quarterly but monthly. David Swenson from Yale caused a commotion bc he was
5/investing in the blockchain space. Do you think this means he's immediately going to buy the top 20 cryptos, or buy them at all? He's seasoned. He experienced the tech crash that saw 99% of dotcoms go to 0. He's not jumping into a market in the same way retail is, CHASING
6/LOTTERY DREAMS like all HODLers are. If you got thrashed in this market, chances are, SURPRISE! you are the fool at the poker table, w no humility but w the arrogance to think that institutions are so dim-witted they're about as non-thinking as a mindless horde waiting to buy
7/at whatever price the ETF is made available. If your PnL shows you are the fool at the table, stop expecting instit to be even bigger fools. They won't step into the market to save you--they do not profit from saving you but profit from your losses. Markets are a 0-sum game.
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