Bitcoin investment vehicle GBTC may rid itself of its discount to BTC price next year.
GBTC price: From"elevator to hell" to"stairway to heaven?"over United States regulators on Aug. 29 provided an instant remedy to what was flagging GBTC performance.
The fund, which contains over 600,000 BTC, has traded at a discount to the Bitcoin spot price, also called net asset value , since February 2021. What was once the “GBTC premium” has thus been negative for over two-and-a-half years, but that could soon change. News that the U.S. Securities and Exchange Commission must consider GBTC’s conversion to a Bitcoin spot price exchange-traded fund on the same terms as other applicants sent the “discount” to its lowest levels since December 2021.“Expect Grayscale $GBTC premium to close the discount next year,” CoinGlass wrote in part of subsequent commentary.
“Don't forget how large $GBTC is. They hold >600k BTC, and was the single largest driver of the 2021 bull run from a flows standpoint,” he“Today's discount move from -26% to -17% is the equivalent of 56,000 BTC returning to the AUM of $GBTC if shares are marked to market.”Eyeing the implications of the Grayscale news for BTC price action, meanwhile, market participants flagged the potential return of some key moving averages .
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