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> several exist and they track the BTC:USD rate relatively accurately

They are terrible assets with severe discount/premium swings reaching the high 40%s [0]. The ratio's only tightening now that a potential arbitrage opportunity is on the table.

[0] https://ycharts.com/companies/GBTC/discount_or_premium_to_na...

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GBTC is it's own weird separate thing, with a whole bunch of red flags. It's not yet an ETF. They don't even distribute the fund prospectus online, it's only available by email request.

Tracking for actual BTC futures ETF's is quite good. Arbitrary example: https://ycharts.com/companies/BITO/discount_or_premium_to_na...

GBTC has diverged so far because it doesn't have a public creation/redemption mechanism. Matt Levine briefly touched on this recently: https://www.bloomberg.com/opinion/articles/2024-01-04/put-th...

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