I would not presume that you would do any of that on purpose.. except remember the trade that you were considering as a good one? something like shorting MSTR... and going long on GBTC... sure there might have been some aspects of that that might have had worked out, if I am remembering correctly... ..
I was horribly wrong on that trade, and the blue line is a testimony of that.
According to my understanding prior to the ETF launch, the blue line should have collapsed to 1, as the ETF would have been a far superior way to track BTC.
The reality is that Micheal Saylor was very good at selling the "BTC YIELD" thesis, so the blue line increased over time.
I had to stop on that trade and lick my wounds.
Now, after having listened to every possible speech from MS, I am actually pondering reversing it and using MSTR as a leverage bet on BTC, accruing more sats per unit. I am not sure I am degenerate enough to do so, tough.