5) The good times don’t last long. Starting in 2021, three Canadian Bitcoin ETFs will be listed, and institutional investors can buy them directly (for example, domestic Dan Bin bought this). No one wants GBTC. Suppose Xiao Ming felt that it was great to make money in this way. Later, when the price of BTC was 50,000 US dollars, he bought GBTC of the same value and locked it up for 6 months. After the lockup expires, BTC is bearish, and GBTC is even more bearish. For example, if BTC is 20,000, GBTC is only worth 15,000, and Xiao Ming is stuck.

6) Grayscale will be cool like this? NO! Two aspects: First, Grayscale’s GBTC is now “unanchored” by about 20% in the bear market, but once it recovers, won’t it be BTC at a discount? Some people will want to buy the dip. Second, Grayscale is working hard to apply to transform into an ETF fund. If successful, BTC may become the world's largest Bitcoin ETF - the New York Stock Exchange is not comparable to Canada.