Grayscale currently holds 624,800 BTC (coinglass), with an average price of approximately $12,833 (feixiaohaozh), accounting for approximately 3.3% of the circulating supply (18.9 million). Some people say that Grayscale converted GBTC into ETF, which is negative because it can be redeemed and generate selling pressure. After all, Grayscale’s cost is still relatively low. Some people think it is a good thing. After all, the importance of ETF is self-evident. It can provide individual investors with a low-threshold and safer and more convenient transaction method; provide institutional investors with compliant investment channels and more. The possibility of investment portfolio; it can also have a positive impact on the industry ecology; most importantly, from a regulatory perspective, it will help improve the transparency and integrity of the industry and reduce the possibility of LUNA and FTX type thunderstorms in the future (IDEG). Personally, I think it would be more beneficial.