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As the excitement for Bitcoin spot ETFs diminishes, the situation with GBTC is becoming serious. Recently, the premium on Grayscale Trust has dropped to -8.6%. Bloomberg analysts are also paying attention to this movement, which ultimately indicates that as the likelihood of spot ETF approval increases, investors are withdrawing from GBTC. In the past, the premium was positive, but now it has completely reversed direction. This seems to be a signal that the market is already preparing for the era of spot ETFs. If the GBTC premium continues to worsen, investor outflows are likely to accelerate further. We will have to watch how this ultimately impacts the entire Bitcoin market.