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GBTC discount at only -10% hits a two-year high, Messari founder: GBTC will lead the bull market

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GBTC discount at only -10% hits a two-year high, Messari founder: GBTC will lead the bull market

TradingView data shows that GBTC has risen by 254% this year, while BTC has risen by 118%. The following summarizes several pieces of news related to GBTC.

GBTC Premium Narrows to Just -10%, Reaching Two-Year High

CoinGlass data shows that the GBTC premium has decreased to -10.35%, hitting a new high since August 2021.

This reduction is not only a potential benefit from the possibility of the approval of the BlackRock Bitcoin spot ETF, but also due to the recent legal defeat of Grayscale by the SEC, which has led to the continuous narrowing of the discount on Grayscale's flagship fund GBTC.

Grayscale has been in continuous communication with the SEC, with the GBTC discount narrowing and the GLNK premium reaching as high as 223%.

GBTC 2021 – 2023

Crypto data research firm CryptoQuant believes that the discount reduction stems from indirect demand for the fund.

This includes demand from large investors and foreign users who cannot directly purchase due to regulations in their countries.

Is GBTC Liquidity Good? ARK Funds Sell 200,000 GBTC Shares

According to CoinDesk report, ARK's fund ARKW sold 201,047 GBTC shares on November 10, valued at approximately $6.03 million based on last Friday's closing price.

However, ARKW's largest holding is still GBTC, accounting for 9.97% and valued at around $132 million.

TradingView data shows that GBTC has risen by 254% this year, while BTC has risen by 118%.

Messari Founder: GBTC Will Lead the Bull Market

Ryan Selkis recently pointed out in a post the impact of GBTC on Bitcoin prices in history:

  • 2013: The launch of the Bitcoin trust fund GBTC in September led to a surge in BTC price to $1,000 due to inflows.

  • 2021: Institutional funds invested in GBTC with leverage pushed BTC to $40,000.

  • 2023: Grayscale's legal victory over the SEC will pave the way for BTC and ETH spot ETFs.

Note: Ryan Selkis holds GBTC.