3min chapter

Coin Stories with Natalie Brunell cover image

Sam Callahan: What You Need to Know About GBTC and the Crypto Contagion

Coin Stories with Natalie Brunell

CHAPTER

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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