Capital will flow from a higher fee fund to a lower fee fund to preserve value over time. Blackrock is 6x cheaper per year in fees than GBTC today. GBTC is strictly worse than all the other BTC funds for capital preservation over time.

What is interesting is SEC did not allow issuance/redemption to swap BTC -> BTC, (like exchange), it had to be settled through dollars first.

Which could be a good reason for the volatility of late, but also was a stress test of the spot markets.