Bitcoin is no longer just a speculative asset with price fluctuations, but is gradually transforming into a long-term investment tool with asset diversification and inflation-resistant characteristics.

Typically, a ratio of 3.7 indicates the peak of the cryptocurrency market cycle.

Grayscale Bitcoin Trust is the largest cryptocurrency asset trust product under Grayscale. Based on the trust's mechanism that does not support redemptions, the dual funding model, and the clever separation of issuance and circulation across markets, the GBTC shares in the US secondary market have a high premium, providing space for cross-market arbitrage. Arbitrage funds participate smoothly to achieve a perfect loop of "shifting selling pressure to the US stock market and bringing funds back to the crypto circle," which makes Grayscale Bitcoin Trust a bullish force in the market characterized by "buying only, not selling." This article will take the Bitcoin Trust as an example to deconstruct the design principles of Grayscale's trust products.