LiminalSpace on Nostr: So is this right. If Blackrock and others ETF launches the secondary market on GBTC ...

So is this right. If Blackrock and others ETF launches the secondary market on GBTC will tank driving the discount, however the primary trust members will still be locked in? Admin fees can remain high although there will be a greater pressure from primary members to turn the trust into an ETF/P, and now no excuse not to turn it. Only then - when GBTC has converted from trust to ETP - will the fees start to close and the discount disappears due to supply / redemption process? By this point the only way to maintain growth for a GBTC ETF is lower fees, better marketing, or a more accurate tracker to spot. Looking to be corrected on this if I’m wrong. Ty.