The only relevance to me is based on potential selling pressure, as I explained above. We've seen consistent outflows in the past 2 months and it's fair to assume that will continue (irrespective of price), until it no longer does or slows down to become insignificant. Naturally these outflows weren't that relevant when the overall inflows of ETFs outweighed the outflows when price was trending upwards, especially when a lot can be attributed to GBTC holders moving to other ETFs. However this week, similar to January correction, the outflows are again outweighing the inflows. It means that GBTC is significant when it comes to selling pressure, at least at present. Even if just one of many factors including miners reserves (that last I heard they hold 1.82m BTC), liquidiations, even exchange holdings, etc.

Your questions in general seem better directed to GBTC holders, rather than myself and potentially others. I actually agree with what you're saying overall though. Why do holders care if GBTC is holding it's peg, why bother move to Blackrock just because the fee is currently lower (when next year it could be same as GBTC anyway). But this "why the outflows" question isn't relevant to me, only the data, that shows outflows.