There is a question that I can't figure out. Suppose I am a customer of Grayscale. Then you must choose to withdraw from gbtc as soon as possible. First, lock in profits. Second, reduce funding rates. If Grayscale cannot directly use BTC for its own ETF. Then I definitely don't want to be the last one. Because they deal in dollars. Then the price of btc dropped under the long-term sell-off. Then my loss will definitely be huge. Will there be a run on one day? I don't believe they could pull out in such an orderly manner. Unless Grayscale can maintain capital and interest. Otherwise it's really dangerous.