> Say that your position is that only arbitraging between GBTC and GBTC on different exchanges is really arbitrage. Well, what if that doesn't converge? There h

> Say that your position is that only arbitraging between GBTC and GBTC on different exchanges is really arbitrage. Well, what if that doesn't converge? There has to be a difference in the first place, and some uncertainty. Assuming exchange withdrawals and deposits are open (and putting aside that you technically have a claim to withdraw, not a coin in your own wallet), it doesn't matter what happens to the price gap because you withdraw the coin that you purchased and deposit to close your short. When a crypto exchange has withdrawal/deposit issues, you do see prices on that exchange start diverging, because coin X on said exchange stops being fungible with the rest of the world.