GBTC was created as an attack on Bitcoin. They created a paper Bitcoin product to intentionally fail and make Bitcoin look bad to idiots who don't understand the details.

All paper Bitcoin products will fail. It's impossible to not operate them like a fractional reserve bank and skim off the top. This is the thing that BTC self custody solves.

BTC needs a spot market, not "hey trust me bro."

It's not Bitcoin unless it's self custodied.

Grayscale has no choice now. The losses are already enormous. If they don't provide actual proof of reserves very quickly the damage will be huge and widespread. Many institutions and conventional investors will be burned