I still don’t understand why people are selling bitcoin from GBTC
Explain it to me like I am 5
Discussion
Selling GBTC to buy the ETFs with cheaper fees? I dunno.
It was trading at a discount. Maybe it went back to par?
Wouldn’t they have to sell to close the discount?
And then the outflows from paper hands who hate them for rekting the entire market.
Higher fees relative to the other ETFs is one reason
Why don’t they make their fees competitive
Because they don’t have to be competitive, they have a 600,000ish Bitcoin head start
They are trying to capitalize on their enormous market share right now, since it’s a given that most coins will eventually leave them anyway (they are a horribly run business)
I believe the discount gap closed with the conversion to ETP, so they probably took profits and then some probably rolled that into lower fee ETPs.
The boomers bought it when the discount was big, and it closed when converted to ETF. They think they are getting a free 10% but in the long run they’ll regret it
Fiat maxis play fiat games.
Greyscale have been bad actors for too long and now there are other options. I want to believe that, more likely that better terms and fees with other ETFs
I am a guy with more than 10 million dollars and I bought GBTC in the last bull run above 50k thinking GBTC was about to be the first approved Bitcoin etf, Instead I took a 50% haircut because I know nothing about Bitcoin. Want some GBTC shares? They are cheap!