Down to $24,000, Bitcoin (BTC) has cost the largest institutional investment vehicle more than the average holder.
According to data from on-chain monitoring resources coin glass As of May 13th, Grayscale Bitcoin Trust (GBC) is currently trading at a discount of nearly 31%.
Grayscale CEO: Investors are “waiting for things to calm down”
Amid the continued market volatility this week, GBTC has seen its recovery fully collapse for the time being.
The so-called GBTC premium, which has been in negative territory for a long time, has actually reached its lowest level.
As of May 13th, the discount rate is 30.6%, meaning that GBTC’s stock has traded at almost one-third the Bitcoin spot price (known as Net Asset Value or NAV).
This number marks a clear turnaround for premiums, which rose to a discount of 21% in mid-April.
But overall, GBTC has been trading at a discount for a long time as Grayscale continues to attempt to convert it into an exchange-traded fund (ETF).
“Setting up GBTC required clarity and certainty, and now Grayscale is showing courage and dedication in its campaign to convert GBTC into a Spot Bitcoin ETF. They deserve your support,” said Michael Saylor, CEO of MicroStrategy. opinion This week we invited Twitter followers to ask US regulators to approve their plans.
This move will be unprecedented in the United States, where the US Securities and Exchange Commission (SEC) has lagged behind other national authorities in approving Bitcoin spot-based ETFs.
Despite the turbulence, Grayscale CEO Michael Sonnenschein was as optimistic as ever about institutional demand for GBTC and Bitcoin exposure.
“I think some investors will most likely be waiting for the situation to calm down,” he said. said CNBC interview on May 12th.
“Once things stabilize and cryptocurrencies begin to find a foothold, more institutional buyers are starting to step in, indicating that some are already actually starting to buy at these levels.”
Purpose Bitcoin ETF sees record daily purchases.
Beyond the Canadian border, the world’s first Bitcoin spot ETF conversely benefited from this week’s trading conditions.
RELATED: Why the World Needs Spot Bitcoin ETFs in the US: 21Shares CEO Explains
Purpose The Bitcoin ETF added 6,903 BTC in just one day on May 13, marking the largest one-day buy in history.
Purforce currently manages 41,620 BTC, surpassing the previous 36,322 BTC set in March of this year.
This leap came with the launch of Australia’s first spot ETF, one of which, the Cosmos-Purpose Bitcoin Access ETF (CBTC), bought shares in the Canadian Purpose offering.
Please Note: Two Bitcoin ETFs were launched in Australia yesterday. One of them, the Cosmos-Purpose Bitcoin Access ETF ($CBTC), is exposed to BTC by buying Canadian stocks. #Bitcoin Purpose Spot ETF. So the latter now essentially reflects two ETFs.
— Jan Wustenfeld (@JanWues) May 13, 2022
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