Good morning.

What’s to stop tradfi institutions from naked shorting GBTC to force outflows and free up coins while staying delta neutral by going long a different etf?

No one talking about this, but I’m pretty sure it’s happening. AlthoughI wouldn’t be surprised if I have some details wrong. I do not buy that this is all bankruptcy liquidations or individuals rotating to lower fee etfs.

Outflows are nearly a perfect match to Blackrock inflows every day.