Bitcoin for less than $10,000 is not impossible thanks to Grayscale's massive discount, but at the same time, it is not the arbitrage opportunity investors are willing to take
According to Ycharts, the discount to NAV reached 48% at some point two days ago, making Grayscale the cheapest way of exposing yourself to Bitcoin and some other assets. Such a strong devaluation of a fund's shares might be considered an investment opportunity for those who are willing to make a long-term investment in BTC, but there are some serious downsides.
The reluctance of investors to gain exposure via Glassnode is understandable as the fund's terms require investors to hold their shares for a certain period of time after the purchase. This creates unnecessary risks, which are the last thing you would need on a volatile cryptocurrency market.
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