GBTC GBTC’s structural flaws are becoming harder to ignore in a tightening macro environment.With fading ETF conversion narrative and persistent volatility in underlying BTC, the product is once again trading near inefficient levels relative to NAV.
Investor confidence remains fragile, especially as regulatory risk around digital asset vehicles resurfaces.
As liquidity tightens and Bitcoin demand stagnates, GBTC faces renewed pressure from both sides — redemption constraints and NAV dislocation.
If crypto sentiment deteriorates or macro liquidity worsens, GBTC may face accelerated outflows and discount widening.
Not just underperformance — but structural decay under systemic stress. ⚠️📉
