Did Bitcoin Investment Trust Trading Push November Price Rally?

Did Bitcoin Investment Trust Trading Push November Price Rally?

Trading in the Bitcoin Investment Trust (BIT), an open-ended trust invested exclusively in bitcoin, may have contributed to the November spike in bitcoin's price, according to The Wall Street Journal. On Oct. 21, for the first time, the spread between publicly-traded shares in the fund and the bitcoin price became negligible. On Nov. 3, 71,000 shares traded and the bitcoin price surged. A spokesman for the trust said the narrowed spread probably attracted investors to BIT. Arbitragers often try to profit from changes between assets and price, but do so, they must take a position in the....


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Bitcoin Investment Trust: Major Factor of Recent Bitcoin Price Surge?

The surge in the share price of Barry Silbert-led Grayscale Bitcoin Investment Trust (GBTC) is presumed to be one of the leading factors of the recent spike of bitcoin price. BIT-the publicly-tradable shares of bitcoins operating under the ticker GBTC-was launched back in March, and represents approximately one tenth of a bitcoin. Over the past 5 days, the shares of GBTC have increased from $45 to $55.3 per share, which means that institutional and qualified brokers have been trading the digital currency at an average price of US $553 per Bitcoin. The correlation between the unexpected....

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