While GBTC does have higher fees than the other ETFs, some large (bankrupt) holders [e.g. Genesis @ 25k btc] have opportunity for liquidity out of GBTC after its ETF conversion and recent court rulings.

The liquidation dynamic is probably responsible for the very high rate of outflows in the short term. But GBTC can’t continue to liquidate at even the moderate rate for very long. They’ll be out of bitcoins by the end of the year.