Does CME control the price of Bitcoin?
In answer to this, he gives Bitcoin's global daily trading volume as approximately 2.5 million BTC, while the daily trading volume at the CME is nearly 45,000 BTC. "To suggest that the CME controls the price of BTC is utter hogwash," he concluded.
Two interesting things here.
Why would a "veteran trader" come out with such garbage?
But firstly, my second point.
It is a part of propaganda to create the illusion of fake myths to then knock them down - see the whole Kovid and Klimate Kult scams as global examples. In this case, the "Myth of CME". I wrote about this at the time, that the mere creation of a futures contract on a mainstream platform such as CME gave legitimacy to Bitcoin as an asset. Other futures contract soon followed, and looking at actual data, on Coinglass, shows that the volume on CME is dwarfed by the behemoth Binance. A quick sum shows daily volume of BTC futures at about $74B - the volume of spot trading, according to CMC, is today about $54B.
NOW can you see what's been happening? This is without adding the options markets!
Luckily, many commenters on that tweet, have correctly called out Brandt for being disingenuous (nay, dishonest) with the numbers! By knocking down a fake myth, he avoids the real truth.
And the truth is that all derivatives dilute the influence of the actual asset, as more contracts exist than the actual asset. The game is then not to buy and sell, but to go long or short - a trader doesn't care whether the price goes up or down, so long as he is in "the right way round". Some of the huge lurches we see in the BTC spot price around the different expiry dates are due to many traders being "the wrong way round", and hence have to either buy or sell actual coins to cover their losing positions.
The tail does now wag the dog, Mr Brandt!
Oh yeah, back to my first point, part of Brandt's Twatter strapline is,"Strong opinions, weakly held." Smells like clickbait - stick to trading.
Hard to tell why someone who seems to have made a packet on futures has to state such naive rubbish! Glad others have pointed out his childish anti-conspiracy fairy tale.
It isn't a conspiracy theory when it's the truth.
The only part of the theory left then is the WHY.
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Yeah, the Ripple story is the epitome of the flip-flop fud-n-fomo bullshit of elite controllers.
Also a lesson in buy-the-shares not the coins - but only if one can.
Recall how they squashed Libra at birth.
Re🤬eD
GREAT synopsis 🥓