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GBTC has been a rough proxy for bitcoin. It provides easy entry into BTC for many, but using it left returns on the table. BTC's year-to-date return was 73.55% and GBTC's 9.46%. Although, GBTC holders likely do not take note of the weekend action. For example, this past Saturday BTC dipped from $52k to $46k in about 40 minutes with $1 billion in liquidations, early in the morning - NY time.

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GBTC has some significant issues - but part of its underperformance was due to its premium to NAV dropping to a discount. I think this is due to liquidity in bitcoin improving, and lack of short interest. As the note implies - illiquid heavily shorted assets can go anywhere... its only once short interest is cleared out can you know its real value...

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