GBTC Market Capitalisation – US$ BillionsSource: BloombergGBTC was an extremely poor product from the point of view of investors. The GBTC premium could therefore be converted into a quasi-interest rate, for the lucky few who were allowed to subscribe. The GBTC TradeThe most significant trading strategy 3AC participated in was the GBTC trade, mentioned earlier in this chapter. SimplicityFor all the excitement in the market about DeFi, the main structure of the crypto credit market was reasonably simple. It is possible the earn market could have been constructed entirely in this robust and safe fashion.