> Sophisticated teams did leveraged arbitration on BTC vs GBTC and got a lot of money out of thin air. But all schemas like this work until they do not. At some

> Sophisticated teams did leveraged arbitration on BTC vs GBTC and got a lot of money out of thin air. But all schemas like this work until they do not. At some point, GBTC premium on the secondary market turned into discount and people doing arbitration lost lots of money. This part doesn't make sense and makes me think the article is just random blurb. If you shorted GBTC and bought BTC during the premium and held until this point: You'll be profitable to your neck. Actually, you'll drown in profit. Not only you collected the premium but also now you get to collect the discount. Of course, someone might have mismanaged the trade. That's trading: It's not about "predicting" the outcome, it's more about managing the money flow. But the trade was profitable. It still is. The arbitrage is there if you are patient.