one thing you’re missing is that gbtc investors also get to bet on the spread. this works on sentinment/momentum. for example, right now the spread is about 4%

one thing you’re missing is that gbtc investors also get to bet on the spread. this works on sentinment/momentum. for example, right now the spread is about 4%. it’s been as high as 20%+ and can also go below 0%. so if there is a lot of institutional momentum to btc, gbtc has the potential to rise faster than btc itself.