Trader chatter indicates expectations that the first day of ETF trading is going to be wild and likely volatile in both directions. Unclear what's going to happen with GBTC... potentially a significant unwind as some folks flee for lower fees.
Discussion
Apparently a very large futures ETF on the CME as well.
Don’t understand how price can’t moon with $3+B coming in on one day… not to mention, it’ll be the headlines all over cnbc, fox biz, etc…
There may be many people holding GBTC with so much gains that it is worth it to keep paying higher fees to postpone paying taxes. On the other hand, there may be many people who were just arbitrating the discount to NAV and will sell it as soon as it closes.
GBTC becomes a spot ETF today…so they should reflect reflect, relatively close, Bitcoins price even with outflows. Honestly I think GBTC will be the sell side for a lot of the demand for an undetermined period of time until the ETF market kind of settles down.