GBTC premium stays negative, suggests Bitcoin price sentiment still low?
GBTC premium stays negative for over three months as its holdings decline gradually, while BTC price struggles around the $37,000 mark. Bitcoin (BTC) is facing difficulty breaching the $40,000 mark again after briefly crossing it on May 26. The cryptocurrency is currently exchanging hands at around the $36,000 mark, which is a 44% drop from its all-time high of $64,889 on April 14. Among others, a key difference between macroeconomic conditions affecting the cryptocurrency market as a whole is institutional demand.One of the key investment vehicles for set demand is the Grayscale Bitcoin....
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For the past two months, Grayscale Bitcoin Trust (GBTC) has traded at a negative premium to the net asset value (NAV). GBTC historically traded at a high premium relative to the underlying, averaging a 15% premium since the fund’s inception. This was largely due to GBTC being the only investment vehicle easily accessible to institutional […]
Funds are flowing back into GBTC, data suggests, as CEO Sonnenshein reiterates plans to turn Grayscale crypto funds into ETFs. The Grayscale Bitcoin Trust (GBTC) is echoing bullish sentiment in Bitcoin (BTC) as its premium over spot price rises to its highest since May.Data from analytics resource Bybt shows that on Tuesday, the so-called Grayscale premium stood at -5.88%. The last time it was closer to zero was on May 25.GBTC premium slips above -6% That was a week after Bitcoin began a major price drawdown, which this week has finally shown signs of abating.GBTC has been the subject of....
History repeating itself have the potential to spark a 2-4X BTC price run, data covering the GBTC premium suggests. Bitcoin (BTC) could be in for a $100,000 bull run next if a classic signal from institutions repeats its historical trend.In a tweet on March 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that those seeking clues about what lies next for Bitcoin should look at the Grayscale Bitcoin Trust (GBTC).Negative premium "could signal march to $100,000"As Bitcoin fell to $43,000 and continued to linger below all-time highs thereafter, the so-called....
An anonymous group has claimed that Blockfi, which has an estimated $1.8 billion in customer assets invested in Grayscale Investment’s GBTC, is facing potential insolvency issues associated with the negative premium on the GBTC shares. Using the negative premium of minus 7.89% on the GBTC shares to illustrate the extent of the problem, the anonymous group posits that Blockfi faces a loss of $232 million. Anonymous Group Alleges Blockfi Insolvency Threat According to a statement posted on the anonymous group’s website, Blockfi, which is promising its investors an annualized....
Since February, Grayscale Bitcoin Trust (GBTC) has continued to trade at a negative premium. The Bitcoin fund, available to institutional investors on the traditional stock market, has traded below the price of Bitcoin since February 22, 2021 — a telling sign that its demand was drying up. Just four months ago, GBTC”s premium was at a whopping 33.12%. Since then, its premium has fallen into a downward spiral, hitting an all-time low of -14.34% on […]