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The story of grayscale, every crypto enthusiast should memorize it~
The grayscale GBTC script is divided into three acts:
Act One: Accumulation — Institutions arbitrage the GBTC premium, locking large amounts of Bitcoin into trusts. The circulating tokens in the market become fewer and fewer, and the price is pushed upward, with everyone shouting "Institutions are here"~
Act Two: Discount — GBTC shifts from a premium to a discount. When the lock-up is lifted, the accumulated selling pressure collapses like a mountain. The market's biggest buyer suddenly becomes the biggest seller overnight~
Act Three: Stampede — FTX collapsed, Three Arrows Capital collapsed, institutions holding large GBTC are forced to liquidate. A trust product becomes one of the last straws in a bear market~
The largest bulls, after completing accumulation, naturally become the market's biggest potential bears — not because they want to sell, but because their size determines that once forced to sell, there are not enough buyers to take the offer~
#比特币 #Grayscale #MicroStrategy #Market Cycle