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Away from Tethers for second, given the enormous GBTC discount to quoted BTC price is there any reason to purchase BTC with USD rather than buying GBTC with USD?

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Discounts that aren’t instantly arbitraged away usually have a reason.

I don’t know in this case but it sounds like people don’t trust GBTC.

ETFs are not your friends.

No redemption or creation allowed in GBTC while you get crushed by fees

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