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GBTC has two problems:

1. fees are absolutely insane 2. it doesn't actually track Bitcoin price

A proper ETF which aims to be competitive might be much closer to actual BTC ownership

It will track the price now that it is an ETF, that's solved. Fees are still insane so it will slowly dwindle as people sell it in favor of other options, but it will still exist for a long time because people can't sell their existing holdings without triggering huge capital gains taxes.

2 will be solved by arbitrage (the discount will evaporate). 1 can be solved by competition, assuming GBTC holders actually switch to lower fee ETFs once they see the discrepancy in fees.

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