Grayscale’s $GBTC has dropped to a new low this week as the bitcoin fund tapped a record 35.18% low against bitcoin spot prices.
falls to lower teens coming months, this [is] a good option. Have to be willing to hold to [the] point where a redemption option unlocks value. Even so, must be limit to discount,” Loukas added.
GBTC neared a 30% discount last March according to Glassnode statistics, and at the time institutional investors were flocking to acquire GBTC at the discount. Grayscale and its parent company Digital Currency Group have attempted to fix the discount as well, by leveraging share buybacks. While institutional investors flocked in the past and Loukas explained that GBTC could be a good option, investors don’t seem to be rushing toward GBTC’s discounted price. “Who thought gaining exposure to [bitcoin] through GBTC was a good idea in the first place?” Tom Mitchelhill
on Monday. “They’re literally selling it at a 36% discount and the market still refuses to touch it,” Mitchelhill added.’s spot prices could be erased. The U.S. regulator, however, has yet to approve a spot market exchange-traded fund and the SEC has cited market manipulation as one of the main reasons to reject a fund with such elements.
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