I didn't see this mentioned but GBTC is akin to option trading, buying calls or buying puts (not selling them) with a six months expiry. The underlying instrume

I didn't see this mentioned but GBTC is akin to option trading, buying calls or buying puts (not selling them) with a six months expiry. The underlying instrument being BTC. It's a little more complex as outlined in the article, because GBTC has an added value, use(d) to provide institutional investor a gateway to crypto but it's still pretty much option trading in essence. Interestingly, when the premium became discount in Q1 2021, it was roughly 6 months later that BTC was at its ATH. In hindsight, this was one of the best signal available.