What is the equilibrium balance for GBTC? When will we see the equilibrium point?

Everyday, GBTC is hemorrhaging 2-3 days worth of bitcoin production while the ETFs collectively are netting 2-10 days of inflows.

In 1 month (April 19th), the halving doubles the relative impact vs. daily production rate of these capital flows: GBTC will be losing 4-6 days’ production while the ETFs are netting 4-20 days’ production of inflows.

If GBTC continues outflows at their same rate with another 380k bitcoin to go, they will be out of bitcoin by December ‘24.