Why is the GBTC fee so high?

Could you please elaborate on why the Grayscale Bitcoin Trust (GBTC) fee is considered to be so high? Are there any specific factors that contribute to this high fee, such as operational costs, management expenses, or regulatory compliance requirements? Also, how does the GBTC fee compare to other investment vehicles in the cryptocurrency market, and is it reasonable given the services and benefits it provides to investors? Additionally, are there any potential risks or drawbacks associated with the high fee that investors should be aware of?