If just 20% of their shareholders stay, they are better off than dumping their fees by 80% to match the market.

Switching costs might be too high for many more people.

- Some might have taxes due upon sale.

- For some, just the mental burden of having to research better variant and how to convert it is too much

- For some, the switching through their institutions might not be as instantenous as lightning, and they are afraid of missing out on the god candle

- Many just fall victim to the imperfect information. Not everyone knows GBTC is so much more expensive, etc

- And, I wonder if there isn't also some weird collateral obligations in the whole Barry's scam, which might be preventing sale of some of the shares.