JustaPleb on Nostr: Loan ETFs BTC to MM/OTC desks & rebuy those BTC back from MM/OTC - reloan them again ...

Loan ETFs BTC to MM/OTC desks & rebuy those BTC back from MM/OTC - reloan them again & again 🔄 earning loan fees and AMF i.e their ETF is backed by PAPER BTC loan contracts rather than physical bitcoin.

Rince & repeat until GBTC is stripped of it's 550K BTC!

This would bypass the spot market it wouldn't drive the price higher.