There have been some interesting things recently that many people have not mentioned. Let’s sort them out:
1. Regarding the issue of Grayscale’s $btc transfer to @coinbase, many people claimed that this was a user withdrawal, selling Grayscale products with high management fees, and then purchasing other ETFs with low management fees.
The actual situation is that Grayscale’s $gbtc product has been operating for nearly 10 years. Most people deposit their $btc into Grayscale’s custody account, and then after 6 months, Grayscale allocates $gbtc to them, users $gbtc is then sold.
So, if a user wants to get their $btc back, they have to buy $gbtc to redeem it, do you just want a "empty wolf"?
Additionally, regarding grayscale $btc, there are several possible scenarios:
1 The $btc deposited many years ago has been exchanged with Grayscale’s $gbtc. People sold $gbtc for dollars and left, leaving $btc for Grayscale itself;
2. Buy discounted $gbtc at a low price. People who are optimistic about $btc in the long term and hold positions in compliant venues are indeed adjusting their investment portfolios.
It does make people a little confused as to why to change products, you need to withdraw $btc first, then sell it into US dollars, and then use US dollars to buy ETFs. Why can't you just sell $gbtc directly and then exchange it in a stock account?
2. Many people mentioned that#BitcoinETFinstitutions are experienced institutions and will not buy at the top of the market. This suggests that these institutions are taking a strategic and long-term view, rather than buying high.
But the key question is, aren’t retail investors buying ETFs? Why does this seem to be a buy-in for professional institutions?
If I remember correctly, they are just equivalent to "underwriters". When someone buys an ETF, they buy BTC on the secondary market to ensure that they are redeemed. Isn't this similar to the operation of an exchange, except that it only conducts btc spot transactions within the scope of compliance.
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