3) Grayscale on-chain tracking: Of the 660,000 BTC reserves, 310,000 can be found on the chain. Grayscale does not disclose proof of reserves, perhaps for security reasons or to conceal the truth. According to research done by ergoBTC, Grayscale's activities since July 2019 were tracked and Grayscale's on-chain addresses were found, and about 432 addresses with a total of 310,000 BTC were found. Another 50% tracking will be very time-consuming.

4) GBTC has fallen to a record low of 45.08%, which means that no one is willing to buy GBTC anymore, and the parent company DCG is facing a liquidity crisis, and the repurchase trick can no longer be played.