Those who bought shares in spot bitcoin ETFs earlier this month have suffered a frustrating feeling common among crypto investors — as soon as you buy bitcoin, the price goes down. 

Reddit thread after Reddit thread details similar experiences. This time around is particularly special, in that BlackRock, Fidelity, VanEck (the very ones some prophesied to bring bitcoin to new heights) and others bought 95,300 BTC ($3.8 billion) in six days and the price of bitcoin still went down nearly 20%.

How much of that bitcoin was acquired through Coinbase spot markets, third party brokers or OTC desks isn’t really known. In any case, bitcoin’s recent dumping only proves that the idea of…

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