The CoinDesk Market Index, a weighted index of over 100 tokens, fell 0.71% in the past 24 hours, suggesting profit-taking across the board.
The bitcoin price rose as much as 7% earlier this week after a federal appeals court ordered the U.S. Securities and Exchange Commission toof the trust issuer's bid to convert the Grayscale Bitcoin Trust into an exchange-traded fund, fueling optimism among traders.
The move could potentially open the door for a spot bitcoin ETF in the U.S. even though the SEC has refused every application it's reviewed to date. The decision helped lift prices of major tokens such as solana and bitcoin cash , which jumped as much as 15% on Wednesday. The euphoria hasn’t lasted. Data shows some major tokens, such as SOL and polkadot have retraced more than 5% from their Tuesday highs, with bitcoin falling from $27,900 to $27,250 as of Thursday afternoon in Asia.over the past 24 hours, suggesting profit-taking across the board.“The Grayscale discount to market has declined significantly since the ruling,” John Glover, chief investment officer at crypto lender Ledn, wrote in an email.
Glover referred to the mismatch of prices between Grayscale Bitcoin Trust’s publicly traded product, which holds bitcoin, and the price of spot bitcoin on the open market. In December last year, GBTC hit a record discount of almost 50% relative to the price of bitcoin , bearish sentiment among professional traders. The discount had narrowed to just 19%
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