So this is real interesting.  Remember the GBTC arbitrage trade that no longer works : from bloomberg https://www.bloomberg.com/news/articles/2021-03-10/-slam-dunk-bitcoin-arbitrage-fizzles-for-biggest-crypto-fund "When that happens, hedge funds swoop in to take advantage. They borrow Bitcoin, deposit the coins with GBTC in exchange for shares that are more valuable than the coins they bought, and they pocket that profit by selling the marked-up shares after a six-month lockup period expires. Thanks in part to the trade’s popularity, GBTC’s assets have swelled to over $35 billion from about $1.5 billion a year ago."

Now we are at just under 12 Billion AUM.

Did some greedy as fuck hedge funds get fucked ?  35% discount, no one wants to buy GBTC ?  So they "arbitraged" thinking no risk for 34 billion probably as a group, making UNHOLY amounts of money (at first).  6 months is a long time in bitcoin.  Once unlocked I guess they have shares that the market can't absorb.  There just isn't any hecking liquidity, or demand for that kind of bitcoin stuck in a 2% fee vague-regulation-wise fund.

The Discount will keep discounting as they try to unload.  Else they are stuck with the gbtc paying 2%.

So the guy who made GBTC is making bank even in a bear market.  genius.  lure em hedge funds with an arbitrage trade, then use the steam roller to make them stuck in their trades and collect that percentage.  maybe i read this wrong but finance is fun.  get too greedy you'll get eaten by smarter people.