Replying to Avatar BoomTown

But this doesn’t make sense. The sell-off in GBTC is a rollover trade, funds from GBTC are going into the other ETFs. There is a 2-day delay in settlement, sure but the system is working in “steady state” starting market open tomorrow. Not to mention the capital inflows to the ETFs incremental to GBTC. None of these bearish ETF analyses referring to GBTC make sense to me…
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Michael ⚡️S⚡️ 2y ago

The catch is, $GBTC holders have been locked for such a long time, it's unclear what percentage just sells and who rolls over to another Bitcoin Spot ETF. Nobody in the right state of mind will stay with Grayscale and their 1.5% fees. As the price of #Bitcoin has gone down since the trading of the Bitcoin Spot ETFs started, it's likely that at least part of it is sold on the spot market, while the Bitcoin Spot ETFs buy OTC.

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