GBTC was just another hype shit that didn't even work, this market is collapsing, nobody wants to get in at these prices.
Now, now. GBTC seems to have settled at around $29. If there's any reason to believe GBTC should trade at a premium, then this might reflect that. Of course, I'm still waiting for a rise in Bitcoin proper with a corresponding rise in GBTC with significant volume to confirm. It's really too early to draw conclusions. But, yes it was a bit hyped.
Could it be that all buyers so far have been by people who already held BIT shares?
* They know what BIT is, few other people do.
* They believe that bitcoin will someday be worth a lot more than now.
* They are prepared to wait many years for that.
* They probably bought other shares for 400-800 $/BTC, so 290 is cheap.
* Buying more of something is an easier decision to make than buying the first one.
* They may be tempted to buy just to keep the price from falling.