Why was gbtc sold off after etf passed?
reason:
1. Grayscale GBTC charges 1.5%, while newly opened ETF rates are generally 0.3%-0.4%. For users, the cost of Grayscale is 3-4 times higher for holding BTC. Therefore, many users will sell gbtc and replace it with other btc etfs (such as BlackRock's IBIT)
There is a delay in this process (T+1)
The user sells GBTC - Grayscale is forced to sell BTC to the user for cash - the user gets USD to buy BlackRock's ETF - BlackRock takes USD to buy BTC.
After the ETF passed, a large amount of money entered the market. Huidu still had 540,000 BTC in hand, which Ming continued to sell at a rate of 10,000 BTC every day. On the ETF side, large amounts of money continued to be taken in. Fluctuations are inevitable, and Bitcoin may continue to change hands in grayscale for at least a month in the short term.
In fact, grayscale is at the position of 41000. Digging out the mine of gbtc is a good thing for the long bull trend of btc. Let gbtc get off the profit margin, let gbtc be replaced by other ETFs, and fully change hands at 41000. This is Prepare for the next cow.
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