GBTC Redemptions Stealing Bitcoin Spot Demand
As the Grayscale Bitcoin Trust trades at a discount, demand won't be reflected in the bitcoin price.The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.The Grayscale story is very well known at this point. It's an open-ended trust that found a workaround to the U.S. Securities and Exchange Commission’s (SEC’s) egregious regulations and figured out a way to deliver bitcoin exposure to institutional capital....
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One of the major highlights of Grayscale’s victory over the US Securities and Exchange Commission (SEC) was its positive effect on Bitcoin’s price. However, renowned economist Peter Schiff has explained why Grayscale’s win may not be good for Bitcoin in the long run. A GBTC ETF ‘Bearish’ For Bitcoin Schiff tweeted that the GBTC fund becoming a spot ETF (Exchange-traded Fund) is “actually bearish” for the flagship cryptocurrency as he said this move could potentially increase Bitcoin’s “tradable supply.” Related Reading: Party In The USA: Ripple Gets Ready To Properly Celebrate Triumph....
It's a polarizing world in institutional Bitcoin offerings this week as Grayscale's CEO remains convinced demand will return. Bitcoin (BTC) descending to $24,000 has cost its largest institutional investment vehicle more than the average hodler.According to data from on-chain monitoring resource Coinglass on May 13, the Grayscale Bitcoin Trust (GBTC) is now trading at a nearly 31% discount.Grayscale CEO: Investors are "waiting for things to settle down"Amid ongoing market volatility this week, GBTC has seen its fledgling recovery fall flat on its face — for the time being.The so-called....
Grayscale Investment’s Bitcoin Trust (GBTC) has dropped to a new low this week as the bitcoin fund tapped a record 35.18% low against bitcoin spot prices. GBTC’s discount to spot has been underwater for a total of 577 consecutive days.
GBTC Discount to NAV Widens by 35% — Fund Reaches an All-Time Low Against BTC Spot Price
The Grayscale Bitcoin Trust (OTCMKTS: GBTC) is the oldest, and one of the most popular, bitcoin (BTC) funds on the market today. However, in recent times GBTC has been suffering from a discount compared to BTC’s spot market values.....
There's no doubting the BTC price upside, but under the hood, all is not what it seems, one analyst highlights. Bitcoin (BTC) is getting compared to late 2020, but this rally in fact has several major differences which make it “not normal.”According to Pete Humiston, manager of Kraken Intelligence Research, Bitcoin in Q3 2021 is a different beast when compared to Q4 2020.GBTC keeps its steep discountDespite going from $29,000 to $48,000 in just one month, Bitcoin is still not seeing a frenzy of interest and buying. Higher price levels have seen solid support, but there is little evidence....
Grayscale Bitcoin Trust's premium is now above 30% as institutional demand for BTC continues to increase. The demand for the Grayscale Bitcoin Trust (GBTC) continues to rise with its premium surpassing 30% on Dec. 3. This indicates that Bitcoin (BTC) is seeing increasing institutional demand as its price consolidates above $19,000.The Grayscale Bitcoin Trust is an institutional vehicle that is tradable in the United States through OTC markets. Accredited and institutional investors typically use the trust to obtain exposure to BTC with their brokerage accounts.Why is the Grayscale Bitcoin....