Citron warns on GBTC

I'm not sure what surprised me more about this tweet:

Is it:  1. The 119% premium to the price of the underlying asset? or

        2.  The fact that it's not Bitcoin itself that Citron thinks is worth betting against. You're telling me one of the best short-sellers around isn't actually trying to just be short Bitcoin?

Frankly all I see here is just insatiable demand to get into Crypto assets. I agree with Citron in two parts; the premium will dissipate, but more importantly, there will be alternatives in the next few months.

With alternatives on the way, from the Winklevi ETF to LedgerX, it's not the 119% premium that we should be focused on - its the insanely growing demand for the underlying.

Citron Research GBTC warning.png