The spread narrowed, but things have hit a relative standstill at 300 shares traded volume. Yesterday was 762.
The only sellers are
a) New BIT holders releasing their shares, a one time shot, after a 12 month holding period
b) Speculators that bought GBTC on Day 1.
The low volume suggests that at most 3 new sellers have pulled the trigger today, with $55 asks offering a 233% premium.
I have 50 more shares up at $133.7. The GBTC page
http://www.otcmarkets.com/stock/GBTC/quote shows nothing below $175.
I speculate this game of chicken will resolve with volume staying low, positive Bid pressure. Those Bids will eventually pull more sellers out. Then we will have a bootstrap of liquidity - new buyers with varying entry prices. Those respective buyers will then make various decisions and help dial in to a true equilibrium, with a positive price trend.
Even if those sell, I would be holding the final 1/3rd of my shares.
Highly interesting! It's incredible to see that people really paying this steep markup! I can't really comprehend it, actually. I think the number of people who can sell their shares is too low to make price discovery or an impact on the general BTC price possible for the time being, though.