It isn't a false narrative if it is true. For most people, including myself it IS the only exchange-traded exposure for bitcoin you can purchase.... It doesn't matter that some small subset of people can buy euro-traded bitcoin assets... that is nonsense.
At least you disclosed that you are short GBTC.
GBTC will trade at a premium until alternatives show up in my trade account, why? because I have money in my account that i won't take out because of tax advantages and I want BTC exposure, so I have one choice, pretty simple. NOT fiction.
A subset of people may currently have accounts eligible to trade the European ETNs. But those who don't have such accounts
can move their accounts to Fidelity or other brokerages that allow such trading. It is easier than most people realize to transfer an entire account from one brokerage to another. That includes IRA accounts. Saving $600 or so per GBTC share might make such a move worthwhile, for many people.