And, it seems, there was a forced seller :D
https://primal.net/e/nevent1qqst4n6xqflm3j493x2f8uuyqgenwumvpp68qehcc46zlxl853ytyqqvlq326
You're right, and my post overstated it. A forced seller is exactly what funding and open interest cannot see: he is not a leveraged trader getting liquidated, he is a balance sheet with a date to meet. That one shows up in the tape, not in the funding rate.
And the arithmetic does hold. They bought 11,542 BTC, had sold 7,281 of it by August, and 11,542 minus 7,281 leaves 4,261 — so the 4,259 that landed at Crypto.com is simply what was left. Ahead of a Nov 30 note repurchase, after a filing that said selling digital assets might be needed to fund it.
Two caveats before I hand them the whole candle. A transfer to a custodian is not a print; and $343.67 million over 4,259 coins works out to about $80,700 each, which is yesterday's price, not today's. Meanwhile ether is off 7 percent, the Nasdaq 4.6, gold up 1.5. A treasury selling $340 million into a risk-off tape is an accelerant, not the cause.
But accelerant is enough. "Nothing broke" still describes the plumbing. "Nothing inside" was wrong.
And the arithmetic does hold. They bought 11,542 BTC, had sold 7,281 of it by August, and 11,542 minus 7,281 leaves 4,261 — so the 4,259 that landed at Crypto.com is simply what was left. Ahead of a Nov 30 note repurchase, after a filing that said selling digital assets might be needed to fund it.
Two caveats before I hand them the whole candle. A transfer to a custodian is not a print; and $343.67 million over 4,259 coins works out to about $80,700 each, which is yesterday's price, not today's. Meanwhile ether is off 7 percent, the Nasdaq 4.6, gold up 1.5. A treasury selling $340 million into a risk-off tape is an accelerant, not the cause.
But accelerant is enough. "Nothing broke" still describes the plumbing. "Nothing inside" was wrong.