How Did the Contagion Really Start?

Three hours capital was a $10 billion hedge fund, um, who ended up taking on all this risk and then blowing up in almost like a Ponzi scheme. And now they're on the run as, you know, wanted criminals basically. But three hours capital suddenly found itself an apical because they were the largest shareholder of GBTC. They put that money into grayscale for scale shares, which pumped up how much grayscale has in Bitcoin, right? And money. The first domino is when the discount flipped.

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Sam Callahan is the Lead Analyst at Swan Bitcoin where he spend most of my time with Swan Private Client Services team educating high-net-worth individuals, financial advisors, and businesses about Bitcoin.

You can find him on Twitter at @SamCallah.

You can find his work on the Swan Signal blog at swan.com.

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