Part 7/12:
The Grayscale Bitcoin Trust (GBTC) remains a significant player. Since the launch of new ETFs, GBTC has experienced selling pressure—"GBTC only sells when Bitcoin is bought back forever"—but overall, the permanent bid from institutional buyers ensures steady demand. The ongoing "dumpage" from GBTC is expected to wind down within six weeks as the trust's supply is exhausted, likely prompting a further rally.