The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC ...
Institutional interest in Grayscale Bitcoin Trust continues to dwindle 10 months into the crypto bear market. Grayscale Bitcoin Trust (GBTC), a cryptocurrency fund that currently holds 3.12% of the total Bitcoin (BTC) supply, or over 640,000 BTC, is trading at a record discount compared to the value of its underlying assets.Institutional interest in Grayscale dries upOn Sep. 23, the $12.55 billion closed-end trust was trading at a 35.18% discount, according to the latest data.GBTC discount versus spot BTC/USD price. Source: YChartsTo investors, GBTC has long served as a great alternative....
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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.....
The premium on Grayscale Investment’s GBTC, which turned negative for the first time on February 23, is continuing its downward slide. As the latest Glassnode data shows, the GBTC was trading at a record low discount of -11.92% on March 4, 2021. According to the same data, this new low is a significant reversal from the December 21 premium of nearly 40%. The Competition This growth in the discount on GBTC comes as Grayscale Investments gradually shifts focus to altcoins. As reported by news.Bitcoin.com, Grayscale added 174,000 litecoins or almost 80% of the newly minted LTC in....
Grayscale’s BTC trust trades at a 36.7% discount to their actual BTC holdings, and it’s possible that more than just the market-wide downtrend stands as the reason for the spread. U.S. investors have been waiting for a Bitcoin exchange-traded fund (ETF) approval since May 2014 when the Winklevoss Bitcoin Trust filed an amendment request at the Securities and Exchange (SEC). Over the years, the SEC has rejected every applicant and the latest denial was issued to WisdomTree’s application for a spot Bitcoin ETF on Oct. 11. The SEC concluded that the offer did not have the ability “to obtain....
Grayscale, one of the largest cryptocurrency fund managers, has declared it is trying to morph the bitcoin trust GBTC into an exchange-traded fund (ETF) to solve its price woes. The exchange rate is now at a 20% price discount compared to its bitcoin holdings, a fact that has many worried about the overall sustainability of their business model. Grayscale Hints at Becoming an ETF Grayscale, the biggest cryptocurrency fund manager in the world, has declared its Grayscale Bitcoin Trust (GBTC) is in the process to become an ETF to get rid of some of the problems it is facing.....
On Nov. 9, the GBTC closed at a record discount of 41% with a one-share price standing at $8.76. Following the FTX bank run, which accelerated by Nov. 7, Bitcoin (BTC) price started to buckle and, at the time of writing, lost 21% in five days. Among the victims of the swift market meltdown is the world’s largest institutional Bitcoin fund, the Grayscale Bitcoin Trust (GBTC). On Nov. 9, the GBTC closed at a record discount of 41%, with a price per share standing at $8.76. Overall, the GBTC has been gradually declining for almost a year since its peak position of $51.47 per share on Nov. 12,....