i think SEC wanted to destroy grayscale after the lawsuit. this is why grayscale wanted in kind redemption not cash redemption.
balance in gbtc will trend to zero and until selling of it is done, the market has a lot of downward pressure but then comes:
That logic only holds for these first 5 days. After this, you’ll see a steady state system where purchases in the physical bitcoin market will happen from ETF inflows two days prior as sales in GBTC happen today.
Amazing that the outflows from GBTC only took us down to $42k … we should be back near $50k mid next week as ETF capital finally hits the bitcoin market.
