According to BlockBeats news, Bloomberg analyst James Seyffart recently interpreted the DCG, Genesis, Gemini lawsuits and their related issues on social platforms. Seyffart said the only real relationship that could have impacted GBTC is that Genesis was once the sole authorized participant (AP) of GBTC. Becoming an AP means agreeing to be a facilitator of the creation and redemption of Fund Shares.

Seyffart further noted that most ETFs have multiple APs, which are typically large financial institutions such as Goldman Sachs, Bank of America and others. The legal issues at these companies do not actually affect ETFs operating as APs. It is worth noting that as of October 2022, Genesis is no longer the only authorized participant of GBTC. Therefore, the market can remain optimistic and focus on encryption project analysis and blockchain on-chain data analysis.