Grayscale sells 10,000 Bitcoins every day. Will it take 2 months? Do you really believe Grayscale will liquidate?

We know that Grayscale is constantly selling Bitcoins. This is due to the continuous loss of customers. When customers sell their GBTC shares, Grayscale has to sell the corresponding BTC.

Why do customers want to sell GBTC shares? The main reasons are two points:

1. Everyone knows about the handling fee issue. Grayscale GBTC handling fee is 1.5%, which is much higher than the 0.2%-0.25% of other companies, causing customers to choose new ETFs such as BlackRock;

2. Grayscale GBTC’s perennial negative premium was finally smoothed out by the market after the ETF spot was approved. Based on the liquidity of GBTC, the existing GBTC holders are no longer the original investors. These later investors You can finally make arbitrage by buying GBTC at a 60-30% discount. How much is the arbitrage? Around 50%, if this interest rate difference is not smoothed out, it will not be the handling fee that decides whether to stay or leave. This is why Grayscale is not willing to lower the handling fee to retain customers, because it is of no use, at least at the moment. For eggs. You can also see that BlackRock's new ETF has a positive premium and Grayscale has returned to a negative premium. This gap is widening. Only when it is large enough will investors consider whether to change funds because of handling fees. This is the time when Grayscale considers how to retain customers.

Therefore, Grayscale will continue to deal with BTC, but it will never liquidate. After sufficient changes of hands, this turning point will appear and the market will enter a real bull market.

At present, the focus is to pay attention to the largest negative premium of GBTC in the past, as well as the current positive and negative premiums of various ETFs to judge the market's turning point timing.

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