More Than 90% Of Bitcoin, Already In Circulation – 70% Refuse To Sell

Anthony Pompliano notes the fact that there’s more than 90% of Bitcoin that is already in circulation. 70% of these refuse to sell. Here are more juicy notes below.

Here’s what Pomp posted on his social media account X:

More than 90% of all bitcoin is already in circulation.

70%+ is held by people who refuse to sell.

Tens of billions of dollars of demand are on the way with the spot ETF.

You learned what happens next when your Economics 101 professor taught you supply and demand.

Wild.

— Pomp (@APompliano) December 19, 2023

Someone asked Pomp the following: “Doing the math… Doesn’t this just increase the value by 5-10%? Doesn’t seem that wild. Tens of billions chasing 4.2m coins only amounts to a few thousand per coin, right?”

Pomp responded the following: “I believe the ETF is an ultra bullish development but still won’t double the price overnight, etc. You have correctly highlighted the nuance of an already large market that is unlikely to be moved exponentially with $50 billion of inflow.”

BlackRock has recently proposed a bitcoin ETF that will be traded on the stock exchange. The ticker for this ETF is IBIT.

On Monday, an amended S-1 filing was submitted to the Securities and Exchange Commission (SEC), which included new language about the creation and redemption mechanism of the fund. This mechanism has been a topic of discussion between BlackRock and SEC officials.

The updated filing indicates that the fund may use a cash redemption model, which is preferred by the SEC. However, the fund may also use an “in-kind” process, subject to regulatory approval.

“The Trust issues and redeems Baskets on a continuous basis,” according to the filing. “These transactions will take place in exchange for cash. Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin.”