Bitcoin Newb. Trying to figure out GBTC.

I know GBTC is problematic. Adds a whole extra layer of complexity to my upcoming investment. But… it's a portion of my retirement account that I want to invest, and I find that in the US GBTC seems to be the only feasible option. Looked into Microstrategy. Impure play scares me. Would prefer BTCC, but Fidelity won't allow int'l trades for retirement accounts.

I'm thinking the next few weeks are the right time for jumping into GBTC, but I'm still confused about a few things.

• The 6 month GBTC lockup is only for institutional investors getting GBTC shares at NAV, right? Doesn't apply to retail investors. Now that there's a discount to NAV Grayscale has closed the trust, but again this doesn't apply to retail investors just buying GBTC shares, correct? So, for retail investors you can jump in and out at will at any time?

• Does anybody have any sense about whether the imminent unlock will result in expanding the discount to NAV or narrowing/eliminating the discount?

• More on timing. I'm trying to wait as long as possible to buy in, not because I need BTC to drop to $20K, but because I have to liquidate part of another investment that is gaining and might spike this month. Anybody have any ideas about how long BTC might go sideways or what the risks are for waiting a few weeks (particularly in light of the GBTC unlock possible effect on BTC or GBTC discount)?

• Does anybody have a feel for if/when GBTC converts to an ETF how that will go down and what the risks are to the discount to NAV will be if, say, other ETFs get approved first. Would seem like there would be a huge exodus from GBTC if it's not the first, or in the first simultaneous group approval of, ETFs. It would suck to find the share price plummeting against NAV when I'm trying to sell out of GBTC to get into an approved ETF.

Thanks to anybody who made it this far. I appreciate any help and insight you can give. The learning curve is crazy thanks to the SEC not approving any ETFs. I've spent more time trying to figure out Grayscale than bitcoin.