Genesis / Mt Gox BTC overhang appears to be greatly misunderstood. 

Genesis BTC creditors largely getting in-kind distributions. GBTC > USD with a near simultaneous USD > BTC. 

Gox creditors who want USD have had years to sell into a rising claim market. SPV buyers largely structured for in-kind distributions.

Founding Partner @ Castle Island Ventures; co-host of On The Brink w/ Castle Island; previously @Fidelity

In the last cycle there were repeated 30% dips. I'm really curious to see if it will be the same this time, as we now have ETFs that are constantly buying the market.