TechFlow reported that FTX founder Sam Bankman-Fried (SBF) tweeted today that most Grayscale Bitcoin Trust (GBTC) holders are merely arbitraging, while those bullish on BTC are buying directly in the market. Therefore, upcoming GBTC unlocks won't significantly impact BTC, as holders selling GBTC will likely buy BTC back simultaneously. However, given that GBTC is currently trading at a negative premium, some may still engage in arbitrage by purchasing GBTC and shorting an equivalent amount of BTC.
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