#套利交易策略 【ETF Subscription and Redemption Arbitrage Mechanism】When the Grayscale GBTC premium rate reaches 3% or more, the process is as follows: 1) Buy BTC in the spot market; 2) Subscribe to shares from the trust; 3) Sell at a premium in the secondary market. In January 2024, this strategy achieved a one-time loop profit of 4.7%, but it is important to note: 1) 6-month lock-up period risk; 2) 1.5% management fee loss; 3) Market depth limitations. After the launch of the new spot ETF, the arbitrage window is shortened to 1-2 trading days, requiring the use of algorithmic trading for rapid execution.