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It appears that @Strategy is continuing to sell additional BTC
Today's 8-K disclosed 3,588 BTC sold Jun 29 - Jul 5 to fund preferred dividends. But the sale window closed Jul 5. and since the filing went live at 8:00 ET, the same cluster that matched those sales has moved another 513 BTC ($31M): 451.9 BTC → Galaxy Digital, 61.7 BTC → Coinbase
Wallets are unattributed (no Arkham tag), but timing, route, and size all line up. Next Monday's 8-K should confirm
Basically the same argument as Rob yesterday, which confirms how bad the deal is for $VVV tokenholders.
"Oh you thought VVV wasn't just a way to hedge compute costs? Too bad for you! But we have both equity and token, so we're fine hehe"
Let's repeat what I said yesterday in a much longer tweet: when a crypto protocol launches a token, it does automatically benefit from the inflows of a ton of buyers who will consider it a "pseudo-equity".
Even if the team explains that the token has XYZ utility and doesn't promise that it's like equity, it STILL benefits from this uncertainty + information asymmetry. And teams always makes sure not to be crystal clear about what the token is or isn't, because they want the double dip, they want to keep the optionality to soft rug the tokenholders or not.
And that's exactly what Venice did, they perpetuated the problem that is plaguing crypto, which is that the market always has a total uncertainty about what a token exactly is when it's launched.
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https://t.co/n13FQyHeNl
@based16z Worst part is that now surely there's no marginal buyer, he won't be taping into to common atm anymore, either etfs pick the floor or its lower
@based16z He bought himself sufficient time until end of year imo, but I am not sure if he fully keeps up with his telegraphed promises
https://t.co/Xz80MHpnrg
@0xG00gly I have not looked to much into it, but I thought Bybit EU didn't offer Perps, while you could have access to those products in Kraken (or OKX?) for EEA