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Custodia Bank’s CEO Says Bad Actors and Regulators Caused Crypto Crash

In that situation, because of an imbalance between supply and demand, GBTC’s price traded far above bitcoin’s (BTC) market price, acting like a hedge fund that brought in significant amounts of leverage, Long said. Retail investors bought in, but only until the SEC approved competing products. Once competition creeped in, closed-in funds like GBTC reversed course and began to trade at a discount to their net asset value.