This definitely looks very game-able:
"Most ETFs use ‘The CF Benchmarks Index’ to calculate the price of Bitcoin for any given day. This index aggregates trade data from multiple cryptocurrency exchanges and determines the average price across those exchanges. However, this average price may not be reflective of the real-time price of Bitcoin.
Authorized participants, such as investment banks, place creation orders for shares with a ‘Transfer Agent, Cash Custodian, or Prime Execution Agent’ by a specific time on a business day. The ETF sponsor then determines the total basket Net Asset Value (NAV) based on the day’s closing market data. Precise timing is crucial to ensure accurate valuation."
https://www.claytoncountyregister.com/news2/why-etfs-are-not-having-positive-effect-on-bitcoin-price-yet/992657/#gsc.tab=0
Jonk /
npub1t9w…r5d8
2024-01-16 03:26:30
Author Public Key
npub1t9w2364vukyeed4t0cj5907fwgfkxahja27qj2rlrpt7hrck0efsktr5d8Published at
2024-01-16 03:26:30Event JSON
{
"id": "30de9251aaa55187183b5bf200bbdd41139962646f13551e6578b5226b4e4147",
"pubkey": "595ca8eaace5899cb6ab7e2542bfc972136376f2eabc09287f1857eb8f167e53",
"created_at": 1705371990,
"kind": 1,
"tags": [],
"content": "This definitely looks very game-able:\n\n\"Most ETFs use ‘The CF Benchmarks Index’ to calculate the price of Bitcoin for any given day. This index aggregates trade data from multiple cryptocurrency exchanges and determines the average price across those exchanges. However, this average price may not be reflective of the real-time price of Bitcoin.\n\nAuthorized participants, such as investment banks, place creation orders for shares with a ‘Transfer Agent, Cash Custodian, or Prime Execution Agent’ by a specific time on a business day. The ETF sponsor then determines the total basket Net Asset Value (NAV) based on the day’s closing market data. Precise timing is crucial to ensure accurate valuation.\"\n\nhttps://www.claytoncountyregister.com/news2/why-etfs-are-not-having-positive-effect-on-bitcoin-price-yet/992657/#gsc.tab=0",
"sig": "90445a21b7c7d6df70fdc2b0c655e88fcd66014970a48bc4b50536e05fbb679b799788472f73694e94881fb0c0692dfd09309f125fc5252813c87d56a544d6e2"
}